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RZB and ZAO Raiffeisenbank Moscow have been mandated by Industry & Construction Bank of St Petersburg, Russia, to arrange an extension of tranche 1 of their US$25mn syndicated term loan.

The facility consists of two tranches: tranche 1 carried an initial maturity of 12 months and is now close to launch for extension for another period of 12 months at each lender’s discretion. The initial sum of tranche 1 amounted to US$13mn.

The facility will support trade finance transactions of the borrower’s customers and has just been launched into syndication.

The borrower was founded in 1870 as Volga-Kama Bank and was finally established as Industry & Construction Bank in 1990. Its most prominent shareholder is Severstal with a stake of 9.81% which is coupled with a strategic partnership. Other big stakes are held by Invert Brok (15.39%), Petrovsky Trade House (15.33%) and Raduga Holding (7.58%).