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Background

Participation in a half-billion syndication for Sovcombank

  • State
    Russia
  • Client
    Sovcombank
  • Implementation date
    2021
  • Volume
    EUR 25 mln
  • Field of activity
    Other
  • IBEC provided USD 25 million to Russian Sovcombank under a two-year syndicated loan, acting as an authorized lead arranger. The total funding comprised USD 590 million, more than double the originally announced USD 250 million. Together with IBEC, the largest Russian and international financial institutions acted as creditors, including ING Bank (Eurasia), Alfa-Bank, Rosbank, UniCredit Bank, Eurasian Development Bank, Zenit Bank, CITIBANK, CREDIT SUISSE, Intesa Bank, Raiffeisenbank, SBERBANK EUROPE AG.
    Sovcombank will use the raised funds to finance foreign trade operations, general corporate goals and ensure further growth of the portfolio of Khalva installment credit cards, a socially responsible product of the bank. The funds provided by IBEC as part of the syndicate will be used to finance foreign trade operations to support Russian export.

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