Orient express bank is the first that has attracted Subordinated Loan in amount $43 000 000 US among Far-Eastern Banks
2007.06.28
On 27th June 2007 Orient express bank has made its successful debut on the market of international capital. The Bank has attracted Subordinated Loan in amount of U.S.$ 43,000,000 at rate 11 per cent. With period of validity ten years. Initially it was planning to attract only $30 000 000 U.S but thanks to absolutely positive impression of the Bank's business by investors closing amount of the Loan arose up to $43 000 000 US. In respect of the Russian Law this funds can be included in settlement of equity capital and because of this opportunity it plans to raise our business capitalization. Thus the Bank will take the first place in the region in such category as size of equity capital on 1st July 2007 and will leave behind competitors. These funds will be used for development of the retail business of the Bank including "new" regions such as Moscow and St. Petersburg.
In the first ten days of July 2007 it plans to attract even more dimensioned loan by means of Eurobond issue in amount $5,4 billion US with period of validity two years. Presumable rate of this issue is no more then 10 per cent.
It plans that after these loans are paid Orient express bank will become the biggest independent bank on the Russian Far East and Eastern Siberia in activities of assets and equity capital.
