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

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), 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 Project ID#92457. Harbin Bank's contribution to the syndicated loan is captured in Project ID#92458.

Additional details

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 Project 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.

Number of official sources

3

Number of total sources

5