OREANDA-NEWS. On 10 April 2009 Joint Stock Bank “Transcapitalbank” announced that it has signed on 4 April 2009 a Mandate Letter with the International Finance Corporation (“IFC”) and FIMBank p.l.c. (Malta), respectively for the establishment of a joint venture company offering factoring services in Russia (the ‘Project”).

The Project is a greenfield operation to be established in Russia by FIMBank of Malta, Transcapitalbank (TCB) of Russia, and IFC as a 40-40-20 joint venture.

Total project cost is up to USD 75 million. IFC would provide up to USD 5 million of equity and up to USD 10 million of loan funding.