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MDM Bank and Japan Bank for International Cooperation sign loan agreement

09.04.2008 19:33

Moscow, 09 April 2008 - MDM Bank has signed a loan agreement with the Japan Bank for International Cooperation (JBIC). JBIC has opened an approximately USD 50 mln credit line for MDM Bank (USD 20 mln and JPY 3 bln). The funds will be used to provide long-term financing to Russian companies for the import and installation of Japanese machinery and equipment.

The terms of the agreement stipulate that JBIC will directly provide 60% of the sum, while the remaining 40% will be provided by Japanese commercial banks and secured by Nippon Export and Investment Insurance (NEXI). The agreement will enable MDM Bank to offer new long-term financing to its corporate clients that have business relationships with Japanese manufacturers. The agreement will also help to develop business ties and partnerships between Japan and Russia.

Japan Bank for International Cooperation (JBIC) was founded in October 1999 with the purpose of supporting Japan’s economic policies and developing economic cooperation, taking into consideration the changes taking place in the world economy. JBIC was created to strengthen and integrate the functions of two other Japanese banks, Export-Import Bank of Japan (JEXIM) and the Overseas Economic Cooperation Fund, Japan (OECF). The government of Japan owns 100% of the Bank’s shares.
Nippon Export and Investment Insurance (NEXI) began operations in April 2001. The agency’s main purpose is to insure the exports and investments of Japanese companies, with the goal of reducing risks associated with operating abroad.
MDM Bank was founded in December 1993 and holds a General Banking License issued by the Central Bank of Russia (#2361 dated 13 February 2003). MDM Bank is one of the most dynamically developing banks in Russia and is among the top Russian banks according to assets and equity. Today, MDM Bank is a modern universal financial institution offering a full range of services to its clients. MDM has one of the highest credit ratings among privately-owned Russian banks – Standard & Poor’s (BB, stable), Fitch Ratings (BB, stable) and Moody’s (Ba1, stable) – and is the only Russian financial organization that has been given a public corporate governance rating by Standard & Poor’s (6+). Standard and Poor’s awarded MDM Bank the highest ranking in its study of ‘Transparency and Disclosure by Russian banks’ in 2006 and 2007. The Bank was also regarded by Euromoney magazine as “one of the leading banks in Russia and Emerging Europe, applying the most advanced standards of corporate governance.”
MDM Bank has received a number of awards from Global Finance magazine:
2005 – ‘Best Domestic Bank’ and ‘Editor’s Special Award for Transparency’.
2006 – ‘Best Forex Bank’, ‘Best Domestic Bank’, ‘Best Domestic M&A Arranger’, and ‘Best Bank in Corporate Governance’. In October 2006, Euromoney magazine awarded MDM Bank ‘Leading Bank in Corporate Governance in Emerging Europe’.
2007 – ‘Corporate Governance Editor’s Award,’ and ‘Best Forex Bank.’


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09.04.2008 19:37

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