OREANDA-NEWS. June 18, 2008. The contract granting a USD 105 mln. syndicated loan to International Industrial Bank was signed in Moscow on December 18, 2007.

The co-lead loan managers were Calyon Bank, Commerzbank Aktiengesellschaft (Commerzbank), Landesbank Berlin AG (LBB), Standard Bank Plc, ICICI Bank and Credit Suisse.

The initial idea was to attract USD 80 mln., then the loan amount was increased up to USD 105 mln. Finally, 14 lending banks took part in the syndicate.

The loan was granted on LIBOR rate + 1,45 percent per annum; it will be used by the International Industrial Bank to support the trade financing of the Bank’s customers.

“Though it is not the first time IIB attracts syndicated loans, this transaction is significant”, stresses Aleksey Zlobin, Deputy Chairman of the IIB Executive Board.  “Given the unstable situation in the world markets, granting of a loan displays the Bank’s strong position in the international arena.” 

According to Robert Scott, Head of Syndicated Loan Department, Standard Bank, the success of the transaction and swiftness of its conclusion – 6 weeks only – evidence the international partners’ high level of trust to International Industrial Bank, which is “rightfully considered one of the most successful and stable in the Eastern Europe”.