URSA Bank signs $36m agreement with BSTDB

5 March 2008 (09:17)

URSA Bank signed a thirty-six-million-dollar agreement with BSTDB of Greece for a term of seven years, as URSA Bank needed a loan to finance its mortgage lending operations.

'The financial sector is one of BSTDB's top priorities, and the bank is interested in promoting a competitive private segment on the Russian market. Our partner is one of Russia’s leading provincial banks, and the deal we’ve made will make it possible for URSA Bank to meet the Russian citizens’ growing needs for mortgages,’ says BSTDB's Vice President Andrei Kondakov.

'This transaction is part of our company’s ongoing attempts to diversify our liabilities. Given the global financial markets’ great volatility, we used one of the best ways of financing our operations, that is, we used the resources offered by a bank supporting reconstruction and development. The terms of payment as well as the interest rates are rather advantageous for us,’ URSA Bank’s GD Kirill Brel notes.

BSTDB has signed four credit agreements with the Russian financial entities worth $100m altogether so far this year.

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