Bank Evrofinance has mandated RZB and ZAO Raiffeisenbank Austria, Moscow (RBRU) to arrange a US$15mn syndicated trade finance facility. Commerzbank is joint arranger.

The proceeds will be used to refinance export-related transactions of the borrower’s customers.

Bank Evrofinance was established in December 1990 by France’s Banque Commerciale pour l’Europe du Nord – BCEN Eurobank and the Bank for Foreign Economic Affairs of the USSR (Vnesheconombank).

The borrower is taking over CB Mosnarbank, the Russian subsidiary of Moscow Narodny Bank. Formal approvals have already been received from the shareholders of both banks and most of the respective Russian authorities.

Once the accession is completed, the bank is expected to be ranked among the top 20 Russian banks by both total assets and shareholders” equity.