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Overview

China Construction Bank provides $200 million loan to VTB Bank for on-lending purposes

Commitments (Constant USD, 2023)$450,006,984
Commitment Year•2003Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 27, 2003
Last repayment (originally scheduled)
May 24, 2013

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned Banks

  • Vneshtorgbank (Foreign Trade Bank)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Construction Bank provides $200 million loan to VTB Bank for on-lending purposes

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On May 27, 2003, Vneshtorgbank (VTB Bank) and China Construction Bank (CCB) signed a $200 million, 10-year credit (loan) agreement for on-lending purposes. The agreement was signed by Mr. Andrey Kostin, President and C.E.O., for Vneshtorgbank, and Mr. Enzhao Zhang, President, for China Construction Bank. The borrower was expected to use the loan proceeds to finance the export of Chinese durable goods to Russia. Sinosure provided credit insurance to the borrower.

Staff comments

1. VTB Bank is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered in St. Petersburg; as of 2022 company's capital stock was mostly owned by three Russian agencies. 2. Prior to the signed of the agreement with CCB, VTB Bank had previously signed similar agreements with the other three largest banks of China.