The International Bank for Economic Co-operation signed a loan agreement with a subsidiary of the UniCredit banking group in Russia – UniCredit Bank. UniCredit Bank will provide IBEC with unsecured financing for 3 years in the amount of EUR 10 million, which will be used to develop and expand IBEC loan and documentary portfolio.
This is not the first long-term financing deal between IBEC and the UniCredit Group. Earlier this year, the Bank successfully entered the Bulgarian debt market by placing a three-year bond issue for BGN 68 million (about EUR 35 million). The issue was organized by UniCredit Bulbank AD and Raiffeisenbank (Bulgaria) EAD. Thus, the Bank continues to expand the range of partners and sources of its resource base.
«Open and dynamic dialogue between the two banks started in 2020 and led to notable progress in the development of mutual relations over the past couple of years, as evidenced by the set-up of mutual credit lines, executed markets documentation and transactions on debt capital markets. We see the potential for cooperation with IBEC both locally in Russia and in the countries where the UniCredit Group operates in trade finance, derivative business and debt financing (RUB placements included), whilst also resting safe in the knowledge that we can count on IBEC’s support in transactions involving its member countries. This bilateral loan agreement is testament to the confidence we have in our partner and IBEC’s exceptional level of support on behalf of UniCredit", – commented Vadim Aparkhov, Member of the Management Board, AO UniCredit Bank
“The UniCredit Group has established itself as a reliable and responsible partner. I would like to note both the already existing fruitful cooperation of the Bank with the UniCredit Group, and the prospects for joint work in our member states – Bulgaria, Romania, Slovakia, the Czech Republic, and, of course, Russia, in such areas as lending, trade finance, treasury operations and funding operations. The agreement signed today will contribute to the further development and strengthening of our business relations on a mutually beneficial basis. IBEC has attracted bilateral loans from Raiffeisen Bank International AG and tied loan from EXIMBANK of Russia, placed bond issues in Russia and Bulgaria. Bank considers also another European markets of the IBEC member countries, including Romania”, – emphasized the Chairman of the IBEC Board Denis Ivanov.