OREANDA-NEWS. October 3, 2007. The proceeds will be used for further development of LOCKO-Bank’s SME lending program and its network of regional branches. By the end 2007 the bank plans to open branches in 10 more regional centers of Russia in addition to 16 regional branches opened since 2005. By the end of 2008 the regional branches network of LOCKO-Bank will include at least 45 branches.

This is the fourth project implemented by EBRD in cooperation with LOCKO-Bank. In September 2005 LOCKO-Bank obtained credit facility within EBRD Trade Facilitation Program (TFP) which now amounts to US$25 million. In December 2005 EBRD granted LOCKO-Bank a US$10 million 4-year SME loan and in February 2007 a 7-year subordinated loan for US$20 million was obtained by LOCKO-Bank that brought the Bank’s capital base to over US$110 million further strengthening the bank's capital adequacy ratio and helping the bank to maintain its strong asset growth.

The Deputy Chairman of the Executive Board of LOCKO-Bank Mikhail Pavlov assumes that new MSE loan obtained by LOCKO-Bank shows a high level of trust of such a reputable international financial institution as EBRD in LOCKO-Bank's ability to continue successful business development.