MDM Bank obtained a $100 million loan from IFC
19.03.2007 19:47
March 19, 2007 – The Board of Directors of IFC (International Finance Corporation) approved a $100 million, 8 year loan to MDM Bank. It will be used by the Bank to expand availability of residential mortgages and SME loans primarily in the regions outside Moscow. In addition IFC will provide a trade finance facility to the Bank in the amount of $35 million under the Global Trade Finance Program.
IFC and MDM Bank are also in negotiations about potential investment into the Bank’s equity.
This project is one of IFC’s most sizable transactions with Russian banks to date. It is also the first time ever IFC has offered to invest in one of the largest Russian private banks.
Mr. Michel Perhirin, CEO and Chairman of MDM Bank’s management board, comments: “We highly value the support we have received from such a globally important financial institution as IFC. Given the thorough approach used by IFC to the selection of its financial partners, we can take pride in having their stamp of approval on MDM Bank. This confirms our efforts in building a sustainable, profitable and transparent business, with high quality of management and corporate governance.”
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