URSA Bank paid $114.5 million on Uralvneshtorgbank’s one-year Eurobonds (this comprises both the sum itself and the interest) on September 21, 2007. URSA Bank accepted this liability since it was actually born out of Uralvneshtorgbank’s merger with SibAcademBank in December 2006.

The principal amounted to $110 million; the interest came to $4.5 million. Uralvneshtorgbank went through with the Eurobond issue in September 2006 when the demand outstripped the supply impressively, reaching over $210 million. Investors from Switzerland, Great Britain, Germany, Luxembourg, Hungary, Chile, the Baltic States, and Russia were involved, with the share of bonds acquired by foreign investors coming to more than 85%. There were over fifty investors altogether.

‘We are proud of being able to meet our liabilities in full. This is particularly important given the current status quo on the global stock markets. The fact that we did manage to be as good as our word proves that we are a reliable partner for both domestic and foreign investors. URSA Bank has already shown that it’s capable of attracting resources from international investors even under trying market circumstances. At the end of August, for example, we got a syndicated loan worth $225 million,’ URSA Bank’s Managing Director says.