IBA-Moscow raises syndicated loan of $55 mln

The International Bank of Azerbaijan-Moscow raised a syndicated loan of $55 mln under LIBOR+annual 1.25% rate with possible prolongation for another 364 days under the guarantee of the International Bank of Azerbaijan on August 25 of 2008.

The leading organizers of the syndicated loan were Bayerische Landesbank, Credit Suisse и BANIF - Banco Internacional do Funchal S.A. The deal participants are such banks as Landesbank Baden-W?rttemberg, Mega International Commercial Bank Co. Ltd., Paris branch, AKA Ausfuhrkredit-Gesellschaft m.b.H., Banque de Commerce et de Placements S.A., Caixa Geral de Depositos S.A., France Branch, Land Bank of Taiwan, Offshore Banking Branch.

The raised funds will be used for conduction of operations on trade financing and raising the bank's credit portfolio.

Initially, the declared sum of the deal was $40,000,000. Despite the unstable situation on the global financial markets, NBA-Moscow managed to raise a syndicated loan for $55,000,000, which proves the trust of western creditors to the Bank.

Throughout its 6 year activity on the Russian market, the bank has repeatedly raised large amounts of credits in US dollars from the Foreign Banks. The recent credit in the amount of $50,000,000, raised in 2007, was used to funding the main activity of the bank and was successfully neutralized this year in line with provisions of the agreement.

For reference:

IBA-Moscow was founded in 2002 as 100% affiliate of the International Bank of Azerbaijan. By results of Q2 of 2007, the net assets of the National Bank of Azerbaijan made 7,533,800 rubles (199th positive among the Russian banks in line with the Profile rating), credit portfolio is 5,223,600 rubles, own capital is 913,200,000. Currently, the bank accounts for 10 trade offices in Moscow, Saint Petersburg and Yekaterinburg.

International Bank of Azerbaijan was founded in 1990 on the basis of the affiliate of Vnesheconombank. Currently the International Bank of Azerbaijan is the biggest bank of the country, controlling the main part of assets and capital of the banking sector. The biggest owner of the bank if the state in the person of the Ministry of Finance.

The services of the bank are used by the biggest national companies, as well as daughter affiliates of the foreign companies. The Bank has 36 affiliates and over 100 divisions of the network through the country, daughter affiliates in Georgia and Russia, as well as representations in London, Frankfurt, Luxembourg and Dubai.