OREANDA-NEWS. On March 3, 2008, URSA Bank signed a loan agreement with Black Sea Trade and Development Bank for the amount of $ 36 million and the tenor of seven years. The loan facility will be used for financing URSA Bank’s mortgage programs.

“The financial sector is one of BSTDB’s focus areas in assisting the Russian private sector to improve its competitiveness. Our partner in this transaction is one of the leading Russian regional banks. This transaction will allow URSA Bank to satisfy the growing needs of Russian citizens for mortgage financing”, - said Vice-President of BSTDB Andrey Kondakov at the signing ceremony.

“We see this transaction as a part of our efforts to diversify our funding. In today’s volatile financial markets we secured one of the most effective funding instruments, the resources of development institutions. The tenor and interest rates are attractive for URSA Bank”, - commented General Director of URSA Bank Kirill Brel.

In 2008, BSTDB has signed four loan agreements with Russian financial institutions for the total amount of over $100 million.