The Novosibirsk SIBACADEMBANK is to draw $60 million in two credits involving the EBRD. SIBACADEMBANK seeks to get a $20m credit directly from the EBRD. A further $40m is to come from a syndicate of commercial banks, arranged by the EBRD. This will be the first syndicated credit drawn by the Russian regional bank for a term of more than 12 months. The funds will be used to credit mid-sized and small businesses and develop the SIBACADEMBANK’s retail business.
Source: BANKIR.RU, May 29, 2006
