Vneshtorgbank and International Moscow Bank have been appointed mandated lead arrangers to arrange a debut Rb400mn syndicated term loan facility for Locko Bank.
The loan bears a fixed interest rate and has maturity of six months with an extension opinion for further six.
Locko was founded in 1994 and is among the top 100 banks in Russia by capital. The bank has branches in Moscow and St Petersburg and specialises in small and medium-sized clients, and private individuals.
Locko is rated B- / B with individual rating D by Fitch.
On February 23 the board of directors of International Finance Corporation (IFC) approved the purchase of 15% of voting shares of Locko Bank. IFC also approved a Rb300mn credit line with six years “maturity for SME financing and a US$5mn line under IFC’s Global Trade Finance Program.