OREANDA-NEWS. On 19 August 2008 IFC, a member of the World Bank Group, announced that it will invest 955 million rubles in Russia’s Asian-Pacific Bank to support its regional expansion and increase access to finance in underserved regions of eastern Russia.

The Asian-Pacific Bank is a midsize private sector bank with a diversified presence in the frontier regions of Russia’s Far East and Eastern Siberia. The bank’s retail lending strategy will help small and medium enterprises obtain long-term business loans and provide individuals with access to affordable housing finance.

Vladimir Terehov, Chairman of the Board of Directors of the Asian-Pacific Bank, said, “We welcome this first step in what we hope to be a long-term and productive partnership with IFC as our shareholder and creditor. IFC’s strategic support of the Asian-Pacific Bank will enable us to strengthen our focus on serving customers and expand our regional distribution network across the Far East and Eastern Siberia.”

Mamta Shah, IFC Director for Global Financial Markets for Europe, Asia, the Middle East, and North Africa, said, “IFC is working to promote best practices and increase access to finance for underserved groups in frontier regions of Russia. Developing our relationship with the Asian-Pacific Bank, a well-managed bank with a clear regional strategy, will help us meet these objectives.”