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Priorbank to attract three-year term loans in 2008

March 19, 2008
In 2008, Priorbank plans to attract foreign credit resources for the term of three years, Chairman of the Board of Directors of the Bank Sergei Kostyuchenko told reporters. “It is quite possible that we draw three-year term borrowings. If we decide to do so, we will borrow in H2,” he said.

According to Sergei Kostyuchenko, so far it is not clear whether it will be a syndicated loan or placement of the Bank’s bonds in foreign markets. “Until recently we could not issue bonds as Belarus had no sovereign credit rating. Now we have such opportunity,” he said. Sergei Kostyuchenko did not specify the amount of the loan. “It is not the volume but the loan period that is important,” he added.

Priorbank has already held two preliminary stages of the talks with potential partners, the main one being Raiffeisenbank.

In 2007, Priorbank attracted a $100mn syndicated loan for the term of two years. By and large, the Bank attracted $1437 million of foreign resources. Raiffeisenbank International Bank-Holding AG provided $760 million under various programmes. The EBRD loans amounted to $82 million. Priorbank used the foreign resources to finance large state companies, small and medium-sized business, mortgage lending.

According to Sergei Kostyuchenko, Priorbank is a leading financial institution among Belarusian banks in terms of the volume of foreign credits. “The integration with RZB GROUP gave us an access to foreign capital,” he said. The Bank attracts loans at commercial value but the interest rates are much lower for Priorbank than for other Belarusian banks, he added.
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