Background

IBEC finances Sovcombank

International Bank for Economic Co-operation takes part in arranging a syndicated loan for the Russian Sovcombank. Signing and issuance took place at the very end of 2020. Due to the high interest of investors, the initial amount was increased from USD 200 to USD 350 million. The syndicate members include leading international and Russian banks – UniCredit, Commerzbank, HSBC, ING Eurazia Credit Suisse Intesa, RRDB, Zenit, Rosbank.

The loan consists of two tranches – with maturities of 12 and 18 months, respectively, and will be used to finance a number of key projects of Sovcombank, in particular, to finance foreign trade operations of the bank's clients and the Halva project, a deferred payment card system.

For IBEC, participation in the syndicate is important in terms of supporting Russian foreign trade, as well as those projects of Sovcombank that meet the principles of sustainable development. Sovcombank was the first Russian bank to join the Principles for Responsible Banking of the United Nations Environment Program Financial Initiative (UNEP FI) and actively promotes them in its activities. Attention to environmental and social problems, assistance in their solution meets the strategic principles of IBEC and became an additional incentive for lending to Sovcombank.

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