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Overview

ICBC Moscow contributes to $500 million syndicated loan to Credit Bank of Moscow in 2019 for unspecified purposes (Linked to Record ID#92458)

Commitments (Constant USD, 2023)$43,249,479
Commitment Year•2019Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaOverseas Jurisdiction•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2019
Last repayment
Mar 31, 2021

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

  • Bank ICBC (JSC) (ICBC Moscow)

Cofinancing agencies

Private Sector

  • AKA Ausfuhrkredit-Gesellschaft mbH
  • Citibank, N.A.
  • Credit Suisse AG
  • Filiale Luxemburg (Commerzbank)
  • ING Bank (Eurasia) JSC
  • Intesa Sanpaolo Bank Luxembourg S.A.
  • Rosbank

State-owned Banks

  • Bayerische Landesbank (BayernLB)
  • Landesbank Baden-Württemberg (LBBW)
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)

State-owned Commercial Banks

  • Harbin Bank

Receiving agencies

Private Sector

  • Credit Bank of Moscow

Loan desecription

ICBC and Harbin Bank contribution to $500 million syndicated loan in 2019 to Credit Bank of Moscow for unspecified purpose

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

In April 2019, Credit Bank of Moscow — the third largest privately-owned commercial bank in Russia — signed a $500 million syndicated loan agreement with 12 banks from from Europe, the U.S., the Middle East and Asia (including Harbin Bank and the the Industrial and Commercial Bank of China). The loan consisted of two tranches with one- and two-year maturities, respectively. The borrower was expected to use the loan proceeds to finance its its clients' trade-related operations. Bank ICBC (JSC) (ICBC Moscow), Citibank NA London branch, Commerzbank AG Filiale Luxemburg, ING Bank Eurasia JSC, and Rosbank served as book runners and mandated lead arrangers on the transaction. Bayerische Landesbank served as senior lead arranger, with AKA Ausfuhrkredit-Gesellschaft mbH, Credit Suisse (Switzerland) Ltd., Harbin Bank Co. Ltd., Intesa Sanpaolo Bank Luxembourg SA, Landesbank Baden-Württemberg and The National Bank of Ras Al Khaimah PSC as lead arrangers. ICBC's contribution to the syndicated loan is captured in Record ID#92457. Harbin Bank's contribution to the syndicated loan is captured in Record ID#92458.

Staff comments

1. One source suggests that the proceeds of the loan were (also) to be used by the borrower to refinance a $400 million loan signed in March 2018 (see Record ID#89461 and #92452 for ICBC and Harbin Bank's respective contributions to this loan). 2. The exact size of Bank of China and ICBC’s respective financial contributions to the loan syndicate are unknown. For the time being, AidData assumes that all 12 members of the lending syndicate contributed equal amounts ($41,666,666.70). 3. It is unknown if ICBC contributed to the first tranche, the second tranche, or both tranches. For the time being, AidData relies on the second tranche’s borrowing terms.