SibAcademBank obtained a $60m syndicated loan from the European Bank for Reconstruction and Development. The loan will be transferred to the bank in two installments. Tranche A comes to $20m owned by the European Bank for Reconstruction and Development proper and is offered for four years. Tranche B is worth $40m and comes from ING Bank N.V. and Raiffeisen Zentralbank Österreich AG.

‘This is the first case of some Russian regional bank obtaining a syndicated loan from the international financial entities for two years,’ says the report of the European Bank for Reconstruction and Development (such loans are normally offered for one year only).

SibAcademBank is going to use the money in order to give loans to small and medium-scale businesses and to private borrowers, reports the bank’s press officer.