OREANDA-NEWS. June 27, 2008. The term of a syndicated loan to LOKO Bank for RUR900mn was successfully extended, with ZAO Raiffeisenbank and VTB serving as loan organizers, reported the press-centre of Raiffeisenbank.

The loan was extended for one year at a rate of 11,5%.

In addition to the organizers, the syndicate includes Zenit Bank, Melli Iran Bank, Russian Development Bank and Khanty-Mansiisk Bank (co-organizers); as well as Yapy Kredi Bank Moscow and Zapsibkombank (managers).

"This transaction confirms the bank's strong position as a reliable borrower on the Russian syndicated loan market capable of raising financing even when market conditions are unfavorable," said LOKO Bank Deputy CEO Mikhail Pavlov.

LOKO Bank was formed in 1994 and is currently one of Russia's Top 100 banks in terms of capital. The bank has branches in Moscow and 26 Russian regions specializing in loans to SMEs.

The bank has long-term credit ratings of B from Fitch Ratings and В2 from Moody's (forecast stable).