The «Northern capital» branch of Raiffeisenbank and Polymetal have entered into an agreement to open a line of credit with a $150 million limit. The company is raising funds for general corporate purposes. The loan term is 5 years.
«To date this deal is the largest this branch has made this year. We are pleased with the long-term partnership that has been established with a company that is Russia’s largest producer of primary silver, and one of the leaders in terms of gold mining in Russia,» said Alexander Konyshkov, the director of the North-West regional centre of Raiffeisenbank.
«This loan is another important step in the streamlining of the debt portfolio of Polymetal, and it also strengthens our long-term partnerhsip with Raiffeisenbank,» said Vitaly Nesis, the CEO of Polymetal. «The extended repayment term, which is in line with the useful economic life of the company assets is of particular importance.»
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on H1 2010 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 6th in Russia in terms of private deposits and 9th in consumer lending in Russia based on H1 2010 results.
Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. 56,000 employees service about 15 million customers through around 3,000 business outlets in the region. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Цsterreich AG (RZB). RZB which indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group.