Alfa Bank signs US $120 million 364-day Trade-Related Term Syndicated Loan
17 Jun 2004
The 364-day term facility was arranged by The Bank of Tokyo-Mitsubishi Ltd., Natexis Banques Populaires, SANPAOLO IMI S.p.A. and WestLB AG. It is priced at 200 basis points over LIBOR and upon maturity can be extended for a further one consecutive 364-day period. "The proceeds from this loan will be used to finance trade-related projects for our most important clients", says Teijo Pankko, Deputy Chairman of the Executive Board and Chief Financial Officer at Alfa Bank. The draw down of the facility is expected within the next few days. The latest loan is the 4th syndication completed by Alfa Bank in the international interbank markets since the financial crisis of 1998. Petr Smida Alfa Bank's CEO notes that "This transaction is yet more evidence of the solid relations that Alfa Bank has built with the international financial community over the years. We take pride in being considered a trustworthy and important Russian bank not only by our traditional partners in Europe and the US but also by leading financial institutions in Asia and the Middle East." Founded in 1990, Alfa Bank is a full service bank, providing corporate banking, retail banking, investment banking, trade finance, insurance and asset management. With the opening of several new offices in Russia during the year 2004 Alfa Bank branch network reached 120, including subsidiary banks in Russia, Ukraine, Kazakhstan, the Netherlands and Representative Office in London. In addition to banking, the Bank has regulated FSA and NASD brokerage subsidiaries located in London and New York - Alfa Securities Limited and Alfa Capital Markets Inc. In December 31th, 2003, the assets of the Alfa Bank Group, subsidiaries and financial companies, grew to $5.9 billion. The net profit for a year 2003 was $106 million, shareholder equity was $547 million, and loan portfolios were $3.6 billion. Alfa Bank is rated B+ by Fitch IBCA, Ba2 by Moody's and B by Standard & Poor's. Alfa Bank received the Operational Risk Achievement Award 2004 for "Operational Risk Framework at a financial institution based in an emerging market" from Operational Risk Magazine. Alfa Bank has won numerous awards, including Global Finance's Best Retail Bank, Best M&A Advisor, Best Trade Finance and Best FOREX Bank in Russia 2004, Best Russian Bank 2003, Euromoney's Best Bank in Russia 2002, The Banker's Bank of the Year 2000.
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