OREANDA-NEWS. January 18, 2010. Vnesheconombank signed an Agreement on Raising a Syndicated Loan worth 700 million US Dollars and 100 million Euros with a number of leading international banks. The tenor of the loan is 3 years. The loan rate is a six-month LIBOR/EURIBOR +2.75% per annum.

The main participants in the transaction were The Bank of Tokyo-Mitsubishi UFJ Limited, Barclays Capital, BNP Paribas, Calyon, Citigroup, Deutsche Bank AG, HSBC Bank PLC, Intesa Sanpaolo Bank irelan PLC, Societe Generale Corporate& Investment Banking, Sumitomo Mitsui Corporation Europe Limited, UBS AG, UniCredit Group, West LB AG. Barclays Capital is the coordinator of the syndicated loan.

The arrangement and the raising of the loan by Vnesheconombank is a symbolic event for Russia’s banking system as a whole and it also confirms Vnesheconombank’s status as one of Russia’s leading financial institutions. The loan rate establishes new price borrowing targets for Russian banks.

Vnesheconombank was the first Russian bank to have made a decision to raise a three-year syndicated loan in 2010 against the backdrop of post-crisis developments.

Acting as a vehicle for foreign investments in the Russian economy, Vnesheconombank is planning to use the raised credit funds for financing the current investment projects.