OREANDA-NEWS. June 27, 2011. TransCreditBank received subordinated loan from Bank VTB in the amount of RUB 5.5 billion with the maturity of 10.5 years.

“When TransCreditBank secured a strategic investor in the face of Bank VTB it was expected that it would provide TCB with fresh capital in order for TCB to continue to grow,” said Oleg Panarin, TransCreditBank’s Vice President.  “Until recently, TCB’s assets growth was constrained by capital needs. In the year 2010 alone total assets increased by 51%, according to IFRS accounts.”

The subordinated loan is included in the capital adequacy calculation, which will allow TransCreditBank to further expand its business in 2011. According to the Bank’s financial plan, capital will increase by RUB 12.5 billion in 2011. Gross loans to customers will grow by 36% to RUB 294.7 billion, according to the same plan, with corporate portfolio increasing by 43% to RUB 214.6 billion and retail portfolio by 21% to RUB 80.1 billion.