OREANDA-NEWS. May 30, 2008. BM Bank (which belongs to the Bank of Moscow Group) has joined a syndicate to finance construction of the GM motor works in St. Petersburg. The total financing will amount to 150 million US dollars.

The funds are to be provided by the European Bank for Reconstruction and Development (the loan organiser), BM Bank and a number of other credit institutions. "This is the first EBRD syndication in which the Bank of Moscow Group has participated", noted Vice-President of the Bank of Moscow Vladimir Fedorov.

The new GM plant will be the main site for the car-manufacturer. The plant will have a production capacity of 77 thousand vehicles a year. It is planned to launch production in the autumn of 2008.

"GM is a strategic partner of the Bank of Moscow", says Vladimir Fedorov. "The Bank actively collaborates with GM structures: in particular, the Bank of Moscow services accounts for ООО General Motors CIS and ООО General Motors Daewoo Auto and Technology CIS.