IFC Partners with Transcapitalbank to Expand Access to Trade Finance in Russia
In Moscow:
NezhdanaBukova
Phone: +7495 411 7555
E-mail: NBukova@ifc.org
In Washington, D.C.:
Lotte Pang
Phone: +1 (202) 7584290
E-mail: LPang@ifc.org
Moscow, Russia, May 20, 2009—IFC,
a member of the World Bank Group, is providing Russia’s Transcapitalbank
with a $20 million trade finance guarantee that will allow the bank to
expand financing to its small-business clients throughout the country.
Transcapitalbank has joined IFC’s Global Trade Finance Program as an issuing
bank. IFC will provide the bank with up to 100 percent guarantees for the
import and export operations of its clients, including small and medium
enterprises. The bank will have access to a global network of
more than 250 banks participating
in the program.
“We are proud to join IFC’s trade finance program, which will give us
more opportunities to generate international business of our customers,”
said Olga Gryadovaya, Chairperson of Transcapitalbank. “New guarantees
from such reputable institutions as IFC, particularly during these difficult
times, will have a positive impact on our bank’s activities.”
Gryadovaya also noted that Transcapitalbank hopes to expand its client
base, reaching more small and medium enterprises, and strengthen its network
through the program. The bank has an extensive regional network from Novosibirsk
to Rostov, with a presence in Bryansk, Perm, Ryazan, St. Petersburg, Syktyvkar,
Tyumen, Voronezh, Yekaterinburg, and other regions of Russia.
Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said:
“We are glad to start our cooperation with Transcapitalbank. By joining
the IFC Global Trade Finance Program the bank will help Russian small and
medium companies reach new markets and expand foreign trade in Russian
regions.”
The IFC Global Trade Finance Program, launched in 2005, supports trade
with emerging markets worldwide and promotes the flow of goods and services
to and from developing countries. IFC provides partial or full guarantees
for individual trade transactions and covers the payment risk of 150 issuing
banks in 72 countries. The program allows issuing banks to increase the
volume and value of trade transactions, with enhanced tenors and access
to competitive pricing terms.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totalled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Transcapitalbank
Transcapitalbank is one of the most dynamic banks in Russia and ranks 9th
among the country’s most stable financial institutions. It is also the
largest private-sector bank in the Perm Region and among the top 20 commercial
banks in trade and structured finance in Russia. Transcapitalbank has been
providing banking services for individuals and legal entities since 1992.
It focuses mainly on corporate banking and supporting small and medium
businesses in all sectors. For more information, visit www.transcapital.com.
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