ICBC (Moscow) contributes to syndicated $120 million USD for Otkritie Bank in Nov. 2014
Commitment amount
$ 16606428.471127324
Adjusted commitment amount
$ 16606428.47
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (Moscow) [State-owned Commercial Bank]
Recipient
Russia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On November 11, 2014, Otkritie Financial Corporation Bank announced they has secured a syndicated term loan for $120 million. Participating banks included Commerzbank, Citibank, Raiffeisen Bank International, JP Morgan Chase Bank, ICBC, ING, Societe Generale, and Rosbank. This project captures the contribution of ICBC (Moscow). ICBC's exact contribution is unknown. The terms of the loan included a one year maturity and an interest rate of LIBOR + 2.5%. The proceeds of the loan were to be used to fund Russian gold-mining companies among Otkritie Bank's clients. Otkritie FC Bank has a long history of acquiring syndicated loans for the Russian gold mining industry. Between 2001 and 2016, the Bank secured 18 loans totalling USD 2 billion.
Additional details
1.The individual financial contribution of ICBC (Moscow) is unknown. For the time being, AidData assumes equal financial contributions ($15 million each) by the 8 known members of the loan syndicate. This issue warrants further investigation. 2. For the interest rate AidData takes the 6 month average LIBOR + the basis points. The 6M LIBOR in November 2014 was 0.327% + 2.5% = 2.827%.
Number of official sources
0
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Commerzbank [Private Sector]
Citibank International plc [Private Sector]
Raiffeisen Bank International AG [Private Sector]
JP Morgan [Private Sector]
ING Bank N.V. [Private Sector]
Societe Generale [Private Sector]
Rosbank [Private Sector]
Indirect receiving agencies [Type]
PJSC Bank FC Otkritie [Private Sector]
Loan Details
Maturity
1 years
Interest rate
2.827%
Grant element (OECD Grant-Equiv)
3.2547%