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Three UAE banks arrange $125m loan facility for top Russian bank
DUBAI — Emirates Bank, Fortis Bank and Mashreq have arranged a $125 million syndicated loan facility for one of Russia's leading private sector banks, JSCB Promsvyazbank. The three banks are also the initial mandated lead arrangers and have fully underwritten the facility, which was signed on 23 May 2007. Emirates Bank and Fortis are the bookrunners.
The facility has a tenor of 364 days and pays a margin of 0.70 per cent over the London Interbank Offer Rate (LIBOR). It will be used to provide cash for borrowers involved in trade finance.
This transaction is the first exclusively Middle East focused syndicated loan for any Russian bank, in which only investors from the Middle East were invited to participate. Launched at $75 million, the transaction was heavily oversubscribed closing at a final amount of $125 million. There are of 12 participating banks from key targeted countries in the Middle East, including from across the GCC.
Speaking at the Press briefing to announce the facility, all parties involved in it emphasised its importance for developing strategic and long-term relationships with investors from the MENA region and with each other.
Promosvyazbank's president and chairman of the management board, Alexander Levkovskiy, said that the "deal would open up new horizons for everyone," and that the Russian market "has big opportunities for growth and would be attractive for investors from this region". He also described his bank as a bridge between Europe and Russia and said: "We want to play the same role for the Middle East."
Alexey Fedotkin, deputy director, head of international finance, Promosvyazbank, said: "We have been approached by partners and competitors in Russia about doing deals here," adding: "I think the potential is there." The principal activity of the Moscow-headquartered Promosvyazbank is commercial banking and the German-owned Commerzbank acquired a 15.32 per cent stake in it last December.
General manager corporate banking at Emirates Bank, Abdul Wahed Al Fahim, said the transaction is part of the bank's expansion strategy and its focus on Russia and the CIS markets. "We have made a breakthrough in Russia and hope to repeat the success," he said. He expects, therefore, to see more of these types of transactions being completed and for a longer period, of maybe two and three years
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