The European Bank for Reconstruction and Development (EBRD) gave Spurt Bank subordinated loans for a total of $10 mln for a term of 10 years with a lump sum repayment at the end of the lending period. As the Kazan-headquartered lender said in a statement, the loans will be earmarked for the expansion of the lending institution’s operations. EBRD’s subordinated loans will be added to Spurt Bank’s additional capital, boosting the latter to over Rub 2 bln.
According to the data from news agency Banki.ru and Interfax-CEA, as of July 1, 2008 net assets of Spurt Bank stood at Rub 9.32 bln (188th place in Russia). The lending institution is a member of the national deposit insurance system.
