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US$ 20 Million Precious Metals Pre-export Finance Facility with Commerzbank AG

29.07.2005 00:00

Moscow, 29 July 2005 - MDM Bank, Moscow, the lead operating entity of MDM Financial Group, signed a one-year US$ 20 million precious metals pre-export finance bilateral facility with Commerzbank Aktiengesellschaft.

The facility is guaranteed by MDM Financial Group's parent company, MDM Financial Holding (Cyprus) Limited.

Funds will be used to refinance loans to OAO "Uralelectromed", a leading producer of precious metals in Russia. The facility is secured by export proceeds from the sale of gold from MDM Bank to Commerzbank International S.A., Luxembourg.


19.01.2007 14:42

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