OREANDA-NEWS. On March 26, 2007 a commemorative event was held in Dubai by Emirates Bank and ICICI BANK UK PLC. The event was dedicated to the successfully signed on March 22, 2007, USD 290 million Syndicated term loan facility for URALSIB BANK. The facility has a tenor of 1 year and pays a margin of 0.60% p.a. over LIBOR. Proceeds will be utilized by the OJCS BANK URALSIB for trade finance purpose, reported the press-centre of  URALSIB BANK.


This is a landmark transaction for URALSIB BANK, being the 1st Middle East & Asia focused syndication for any Russian Bank. The facility was launched at USD 100 million and due to the very positive response from the market was closed at USD 290 million, an oversubscription of 2.9 times. The Arrangers were successful in attracting a number of new investors for the Borrower from key targeted countries.


As the event's participants noted, "the timing up of Emirates Bank and ICICI Bank to lead arrange a fully underwritten Syndicated loan for a leading Russian bank represents a first of its kind initiative. The outstanding success of the deal further re-affirms Emirates Bank's and ICICI Bank's credentials in the International Syndicated loan markets".
Speaking on the occasion, Mr. Abdul Wahed Al Fahim, General Manager Corporate Banking at Emirates Bank said "this highly successful transaction adds a new dimension to Emirates Bank's dominant profile in regional debt and capital markets by displaying global capabilities. Recognized among the leading arrangers of debt and capital; market transactions in the MENA region, Emirates Bank is ideally placed to harness the potential for diversified global investment that exists in the region, with its forward looking strategies for inter regional co-operation. I am confident that the bank will build on this success and further cement its position as the leading Financial Institution player in the MENA region".


Also present on this occasion, Ms.Chanda Kochhar, Deputy Managing Director, ICICI Bank commented: "This is a landmark transaction for URALSIB reflecting the strategic importance and growing potential of the Asian market. Since July 2006, ICICI Bank has concluded four Asia focused Syndicated loan transactions for key Central and Eastern European banks. Our strong track record, franchise and network of partner banks in Asia enable us to provide issuers with access to a fast growing investor market".


Mr. Andrei Donskikh, Chairman of the Management Board, OJCS BANK URALSIB, said: "The new deal marks a significant step forward for URALSIB in terms of broadening our lenders' base in the Asia and Gulf region. This deal significantly contributed to URALSIB's better recognition in the region, which will enable us to further diversify our international business and sources of funding. The syndicated was joined by 28 banks from 17 countries, and 18 of them are the first-time lenders to URALSIB. We look forward to doing more business with the banks from the Gulf region and Asia, not only in the syndicated loan market, but in other areas as well, and we believe that in view of growing trade between Russia and this part of the world this will allow us to deliver more value-added services to our clients".