22492 - Credit Bank of Moscow

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Summary of Proposed Investment

Project Number

22492

Company Name

MOSKOVSKI KREDITNY BANK, PAO

Date SPI Disclosed

May 18, 2004

Country

Russian Federation

Industry

Financial Markets

Projected Board Date

Jun 25, 2004

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

FI-2 - Limited

Previous Events

Approved : Jul 22, 2004
Signed : Oct 26, 2004
Invested : Dec 14, 2004

Project Description

Credit Bank of Moscow (CBM or the Bank) is a medium-sized private Russian bank focused on SMEs, private entrepreneurs, and retail clients and operating in Moscow and the Moscow region. As of December 31, 2003, the Bank’s net worth was $84 million and total assets $380 million. Proceeds of the IFC financing would be used to expand the SME lending activities of the bank and, as the second phase, to develop its mortgage lending capacity.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

Underdevelopment of the financial sector in Russia is one of the major weaknesses of the Russian economy. SMEs lack access to financing and the lack of longer-term funding is particularly acute. The project is expected to increase access to finance for SMEs, contribute to the development of the Russian financial sector, and in the second stage, support the development of mortgage finance in Russia. IFC’s financing will help CBM expand its SME client base and offer longer-term financial products.

This is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. CBM will be required to establish an environmental management system to ensure that SME lending under this project complies with host country environmental and social requirements. The bank will designate staff who will have responsibility for environmental affairs and will participate in IFC’s environmental training. CBM will also submit annual environmental performance reports to IFC.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Mr. Andrey Butukhanov, Head, Financial Institutions Division OAO Credit Bank of Moscow 39/14 Leningradsky Prospect Moscow 125167 Russia Phone (7095) 945 8940

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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