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Sovcombank (former Rosevrobank SME)

Russia | Financial Institutions

Identification Code:: OP/15/0018
Total Operation Cost:: 20.000.000 USD
Maturity:: 60 months
Operation Status:: BSTDB Approved Amount – Approval Date

20.000.000 USD – 20 Jun 2015
: BSTDB Signed Amount – Signed Date

20.000.000 USD – 14 Oct 2015
: Status:
Completed
Description and Purpose of the Operation:: USD 20 million loan will be utilized by RosEvroBank for SME financing purposes. The proceeds of the Loan shall be used by the Borrower exclusively for the purpose of providing SME sub-loans to eligible clients in accordance with the agreed eligibility criteria. The Loan aims to contribute towards expanding of the SME lending program of the financial intermediary with well-established SME and retail business, recognisable brand name in the sector and thus increasing the accessibility to finance for small and medium sized private businesses and entrepreneurs.
Countries of Operation:: Russia (100,00%)
Financial Product:: SME's
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: Joint-Stock Bank "Rosevrobank"
Co-Financers/Participants:: n/a
Guarantors/Sponsors:: n/a
Developmental and Regional Cooperation Impact:: The operation is expected to have modest but favorable economic benefits for the Russian economy, the most relevant being additional tax revenue gains from increased economic activity under the additional amount provided. In addition, the amount provided will help further enhance benefits such as increases in employment, increase in export capacity and competitiveness, and multiplier effects for other parts of the economy. The regional cooperation element is similarly expected to be modest. Other BSTDB countries are important trade partners for Russia so to the extent SMEs benefiting from financing from the operation engage in export activities, there will be some regional cooperation benefits.
Environmental Classification and Impact:: RosEvroBank has developed and implemented an E&S policy and procedure according to EBRD's requirements, which are consistent with BSTDB E&S Policy requirements for FIs. The procedure is well integrated in the overall portfolio management and consists of E&S screening, analysis of medium and high risk sub-loans, monitoring, as well as screening against its own Exclusion List, which is consistent, with the Bank's document in this respect.
Operation Leader:: Financial Institutions II
E-mail:: fi2@bstdb.org