OREANDA-NEWS. On 03 September 2008 was announced, that IFC, a member of the World Bank Group, is helping Russia’s Rostpromstroybank expand access to finance for companies and retail customers in the south of Russia. IFC will buy 20 percent minus one of the bank’s voting shares from Igor Kim, the majority shareholder. This will support the bank’s development program, help improve its corporate governance, and strengthen its capacity in social and environmental management.

“IFC will provide us with additional resources for developing our business, as well as with access to international funding, helping us serve our clients better,” said Tatiana Shaposhnikova, Chairman of Rostpromstroybank’s Management Board. "IFC will contribute its experience and global expertise to help the bank grow and broaden its product line to include services such as trade finance and project finance. The partnership with IFC will bring a positive impact on the growth of local businesses and the economy of the Southern Federal Region.”

“IFC’s financial markets strategy in Russia places a high priority on improving access to finance in rural areas and on the stability of the banking system, by helping consolidate this highly fragmented sector,” said Nena Stoiljkovic, IFC Director for Central and Eastern Europe. “Rostpromstroybank has a long history of serving local clients, and it has good prospects for the future. We are very satisfied with the bank’s dynamic development and excited to become a shareholder. We look forward to its growth and expansion in the south of Russia,” she added.