OREANDA-NEWS. August 11, 2011. IBA-Moscow Ltd has announced of the closure of its first ruble club deal on raising 1.32 billion Russian rubles for the period of one year, reported the press-centre of IBA-Moscow.
 
The Bank informs that the interest rate on the club loan totaled 9.5% per annum. The raised money will be used to finance trade operations. Gazprombank came forward as authorized organizer, bookrunner, participating bank and agent bank, MDM Bank as authorized organizer, bookrunner, participating bank and agent on documentation, and URALSIB as authorized organizer, bookrunner and participating bank.

The loan was raised within the framework of development strategy for 2011-15 adopted by IBA-Moscow in 2010. Over the next five years the Bank plans to enter in Top 100 of Russian banks on the size of assets and own finances. To realize the above-mentioned challenge IBA-Moscow is now working actively to increase the share capital in 2011 alone up to 2 billion rubles. Increase in share capital will allow the Bank to increase substantially the number and volume of operations on interbank loans within syndicated (club) deals.
 
IBA-Moscow, founded in 2002, is a 100% subsidiary of the International Bank of Azerbaijan. IBA-Moscow is a universal bank which is in Top 150 of largest Russian banks. On 1 January 2011 IBA-Moscow assets on IFRS amounted to 17.767 billion rubles, credit portfolio 11.8 billion rubles, and own capital 1.1 billion rubles.