JSC Vneshtorgbank and Moscow Narodny Bank acting as mandated lead arrangers and bookrunners have launched a €15mn syndication for International Bank of St Petersburg (IBSP).

The loan bears a margin of 3.25% per year and has a tenor of 364 days with an extension option for further 364 days.

IBSP was founded in 1989 and is the seventh largest financial institution in St Petersburg and 71st largest Russian bank by assets.

IBSP core business is corporate banking in the northwestern region of Russia. The bank also services the municipal budget of St Petersburg. IBSP has a branch in Moscow and representative offices in Helsinki, Tallinn and Astrakhan.

ISBP is rated B-/B by Fitch Ratings with ‘stable’ outlook and CCC+/C with “stable” outlook by Standard & Poor’s .