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14 Sep 2018

Belinvestbank to raise €50m in syndicated loan by 2018 year-end

MINSK, 14 September (BelTA) - Belinvestbank will raise a syndicated loan of €50 million by the end of the year, the head of the EBRD representative office in Belarus Alexander Pivovarsky said at a press conference in Minsk on 14 September, BelTA has learned.

“We will soon announce the information about the potential deal to raise a new syndicated loan for Belinvestbank. We expect to raise €50 million and hope the deal will involve other participants,” Alexander Pivovarsky said. The transaction is expected to go through before the end of the year.

Alexander Pivovarsky stressed that this deal indicates that Belinvestbank is becoming a market player, not just a state-owned bank that attracts the resources of international organizations or state resources only. “It is a good signal that the bank continues its business with our participation,” he added.

When asked about the EBRD plans to buy a stake in Belinvestbank equity capital, Alexander Pivovarsky noted that this is a matter of time. “We have no disagreements with the government. In order for the transaction to go through, we need to discuss various matters regarding the bank management, commercial issues, the cost and so on,” he said and confirmed the EBRD plans to acquire a stake in the Belarusian bank before the end of the year.

The public joint-stock company (OAO) Belinvestbank is a major Belarusian bank. It is in Belarus’ top six banks in terms of the volume of assets and the number of clients. Since 2015 the bank has been implementing an institutional development program to improve its effectiveness and commercialization with assistance of the European Bank for Reconstruction and Development.

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