Overview

ICBC (Moscow) contributes to syndicated $120 million USD for Otkritie Bank for funding Russian gold mining companies

Commitments (Constant USD, 2023)$15,383,298

Commitment Year•2014Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaOverseas Jurisdiction•RussiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 11, 2014

Last repayment (originally scheduled): Nov 11, 2015

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

Citibank International plc
Commerzbank Aktiengesellschaft (Commerzbank AG)
ING Bank N.V.
JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
PJSC Rosbank
Raiffeisen Bank International AG
Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Private Sector

PJSC Bank FC Otkritie

Loan description

ICBC (Moscow) contribution to $120 million syndicated term loan in 2014 for Otkritie Bank

Interest rate (t₀)•2.826%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On November 11, 2014, Otkritie Financial Corporation Bank announced it secured a syndicated term loan for $120 million. 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 (on-lend to) Russian gold-mining companies among Otkritie Bank's clients. Participating banks included Commerzbank, Citibank, Raiffeisen Bank International, JP Morgan Chase Bank, ICBC (Moscow), ING, Societe Generale, and Rosbank. ICBC's exact contribution is unknown.

Staff comments

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.