ICBC participates in $500 million syndicated loan to VEB Bank for unspecified purposes (Linked to Project ID#66394)
Commitment amount
$ 31003333.575217415
Adjusted commitment amount
$ 31003333.58
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On July 27, 2005, China Eximbank and ICBC participated in a $500 million syndicated loan facility to Vnesheconombank (VEB Bank) — a Russian state-owned development bank — for unspecified purposes. The syndicate was led by ABN AMRO Bank, Deutsche Bank AG London and Dresdner Kleinwort Wasserstein. The loan was issued at an interest rate of LIBOR plus a margin of 90 basis points with a maturity of three years. The average 6-month LIBOR rate in July 2005 was 3.833%, so the all-in interest rate is calculated as 3.833% + 0.9% = 4.73%. AidData estimates that China Eximbank contributed $14,285,714.29 (captured via Project ID#66394) and ICBC also contributed $14,285,714.29 (captured via Project ID#98766) to this syndicated loan. Other banks that participated in the syndicated loan include: BayernLB CALYON Citigroup Erste Bank HSBC Bank plc HSH Nordbank AG HVB Group (Bank Austria Creditanstalt/ Bayerische Hypo- und Vereinsbank AG ) ICICI Bank UK Limited ING Bank N.V. JPMorgan Chase Bank, N.A. Mizuho Corporate Bank, Ltd. The Bank of Tokyo-Mitsubishi, Ltd. LBBW Group (LRP Landesbank Rheinland-Pflaz / Landesbank Baden-Württemberg, London Branch) DZ BANK AG Deutsche ZentralGenossenschaftsbank State Bank of India, Offshore Banking Unit, Bahrain Chinatrust Commercial Bank, Offshore Banking Branch MashreqBank psc Magyar Kulkereskedelmi Bank Rt. Bank of Kaohsiung, Offshore Banking Branch Bank Overseas Chinese, Taipei Chang Hwa Commercial Bank Limited, London Branch Chiao Tung Bank, Offshore Banking Branch Emporiki Bank of Greece S.A. Fortis Bank Kommunalkredit International Bank Limited National Bank of Egypt International Persia International Bank Plc SanPaolo IMI Bank Ireland Plc Taiwan Cooperative Bank, Offshore Banking Branch Offshore Banking Branch Zürcher Kantonalbank Banca Monte dei Paschi di Siena Bank Hapoalim B.M. Raiffeisenverband Salzburg
Additional details
1. The individual contributions of China Eximbank, Industrial and Commercial Bank of China (ICBC), and the remaining 33 non-Chinese banks to the syndicated loan are unknown. For the time being, AidData assumes that all 35 members of the lending syndicate contributed equal amounts ($14285714.29).
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Calyon [Private Sector]
Citigroup [Private Sector]
HypoVereinsbank (HVB) [Private Sector]
JPMorgan Chase Bank, N.A. (Chase Bank) [Private Sector]
LBBW Group [Private Sector]
State Bank of India (SBI) [State-owned Bank]
CTBC Bank [Private Sector]
MKB Bank [Private Sector]
Bank of Kaohsiung (BOK) [Government Agency]
Bank of Overseas Chinese (BOOC) [Miscellaneous Agency Type]
Chiao Tung Bank Company Ltd. [Miscellaneous Agency Type]
Commercial Bank of Greece (Emporiki Bank) [Government Agency]
Fortis Bank [Private Sector]
Kommunalkredit International Bank Limited [Private Sector]
National Bank of Egypt [State-owned Bank]
Taiwan Cooperative Bank [State-owned Bank]
Zürcher Kantonalbank [State-owned Bank]
Banca Monte dei Paschi di Siena SpA [State-owned Bank]
Bank Hapoalim [Private Sector]
Raiffeisenverband Salzburg Privatkunden [Private Sector]
Mizuho Corporate Bank, Ltd. (MHCB) [Private Sector]
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]
Intesa Sanpaolo Bank Ireland P.L.C. [Private Sector]
Persia International Bank Plc [Private Sector]
ING Bank N.V. [Private Sector]
Mashreqbank PSC [Private Sector]
Chang Hwa Commercial Bank Limited [Private Sector]
HSBC Bank PLC [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
ICICI Bank Limited [Private Sector]
Erste Group Bank AG (Erste Group) [Private Sector]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
DZ Bank AG [Private Sector]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Direct receiving agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Implementing agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Loan Details
Maturity
3 years
Interest rate
4.73%