Promsvyazbank has mandated ING Bank and RZB Group to act as mandated arrangers of a US$20mn syndicated trade finance facility. The funds will be raised to finance and refinance the borrower’s funding of its clients “import and export transactions. The 364-day loan carries a margin of 340bp over Libor and is set to be repaid in bulk. The facility will be launched soon.
Promsvyazbank was initially established in 1995. Today the bank is mostly privately owned. It is today one of the top 20 banks in the Russian Federation (based on assets). The bank is one of the key players in international trade finance business in Russia, having credit lines from major international financial institutions and ECAs. Promsvyazbank has a long-term rating of B from Fitch, B- from Standard and Poor’s and B1 from Moody’s .