Agreement between SKB-Bank and EBRD approved of at EGM

16 October 2007 (11:14)

A new agreement between SKB-Bank and the European Bank for Reconstruction and Development was approved of at SKB-Bank’s extraordinary general meeting; according to this agreement, SKB-Bank is going to receive a subordinated loan from the European Bank for Reconstruction and Development that happens to be one the bank’s shareholders: the EBRD acquired a portion of SKB-Bank’s additional share issue in May 2007.

The agreement provides for 600 million RUR that SKB-Bank is to pay back within the course of ten years.

«These finances will make it possible for the bank to build up on capitalization as well as improve our asset growth potential. This money will be invested in expanding SKB-Bank’s business in the Urals in terms of loans to small and medium-scale businesses as well as loans to private individuals. Then, we’ll be able to implement our territorial development program and our subsidiary network into the bargain», SKB-Bank’s management says.

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