Syndicate of European Banks raise Uralsib loan to USD 38 million

A syndicate of Russian banks led by Raiffeisen Zentralbank Osterreich (Austria) and Russian Raiffeisenbank Austria has agreed to offer the Uralsib bank a one-year extension on a syndicated loan that was arranged in August of last year. As a Rosbalt correspondent was informed by the Uralsib press office, the agreement was signed in Moscow on August 18.

The sum of the initial loan has also been raised from USD 33 to 38 million. The money will go towards financing various projects of Uralsib's clients in the areas of chemistry, petrochemicals, the food industry and machine building.

This is the third large syndicated loan that Uralsib has received. The first loan, of USD 25 million, was organised by Deutsche Bank in 1998 and was paid back within the agreed time limit. The second loan, of USD 20 million, was provided by Dresdner Kleinwort Wasserstein at the end of 2001.

Among the creditors in the present syndicate are Dresdner Bank (Germany), Commerzbank (Germany), American Express Bank (US) and Banque Bruxelles Lambert/ING Group (Belgium).

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