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ICB raises $375 mln syndicated loan

March 28, 2006 Interfax
St. Petersburg's Industry & Construction Bank (ICB) has raised a $375 million syndicated loan, Yevgeny Novikov, the bank's deputy CEO, told reporters on Tuesday.

He did not reveal the names of the banks that provided the loan.

"We raised a two-year syndicated loan for $375 million several weeks ago," Novikov said. The money will be used to credit clients.

ICB is agreeing on its policy of raising resources on international markets along with Vneshtorgbank (VTB) (RTS: VTBR), he said. ICB does not have any clear plans to raise resources in the near future, he said.

VTB bought 50% plus 2 shares in ICB at the end of December of last year and said that this was the culmination of agreements between it and ICB's shareholders set down in a memorandum signed in September 2004.

VTB bought 25% plus one share in ICB in the first stage of the acquisition in March 2005. Thus, VTB now owns 75% plus three shares in ICB. ICB shareholders elected a new supervisory board at an EGM in early March 2006 after which VTB representatives gained the most seats.

ICB shareholders will discuss merging the bank with VTB in May.

VTB was Russia's 2nd biggest bank by assets at the end of 2005, according the Interfax-100 ranking of the country's biggest lending institutions, compiled by the Interfax Center for Economic Analysis.
  • Full name
    VTB Bank North-West
  • Registration country
    Russia
  • Industry
    Banks