24567 - Primsotsbank

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Summary of Proposed Investment

Project Number

24567

Company Name

Primorsky Social and Commercial Bank

Date SPI Disclosed

Mar 28, 2006

Country

Russian Federation

Industry

Financial Markets

Projected Board Date

May 15, 2006

Status

Completed

Sector

Commercial Banking - General

Department

Regional Industry FIG LAC & EUR

Environmental Category

FI-1 - Significant

Previous Events

Approved : Jul 10, 2006
Signed : Jul 18, 2006
Invested : Aug 8, 2006

Project Description

The project consists of a subordinated loan of up to US$4 million and, at a later stage, an equity investment in Primsotsbank (“PSB” or the “Bank”), a medium-sized regional bank operating in the Russian Far East. IFC financing would support the Bank’s strategy and its further expansion.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.79
Equity	7.19

Development Impact

IFC’s investment in PSB will have a strong developmental impact, as it will increase access to finance for SMEs and have a positive impact on financial sectors development in an underbanked region of the country. SMEs in Russia have few potential sources of credit, and most credit is only available for short tenors.

Furthermore, the Russian financial sector is under-developed and the country’s current macro-economic growth is not sustainable without a banking system which engages in true financial intermediation. In addition to developing banking services, this project is expected to create a demonstration model for existing banks, encouraging them to expand their private sector lending activities.

This is a category FI Type 1 project. The project would need to ensure that its investments are in compliance with the Environmental, Health Safety and Social requirements of the Russian Federation and establish and implement an Environmental Management System to the satisfaction of IFC to achieve this. The project is required to appoint an Environmental Manager and Environmental Coordinator, and to provide IFC an annual environmental performance report (AEPR) as per a format provided by IFC.
Location of environmental documents In locally affected community

Contacts

For Inquiries About the Project, Contact

Olga Ivaschuk
Head of International Banking Department
Phone: +7 4232 –300299Fax: +7 4232 – 422076
Email: olga@pskb.com

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.

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