Summary of Proposed Investment
Project Number
8363
Company Name
Toribank
Date SPI Disclosed
Sep 19, 1997
Country
Russian Federation
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Jan 15, 1998
Signed : Mar 31, 1998
Invested : Apr 1, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Russian Federation-Toribank |
| Region | Europe |
Sector
Project No008363
Projected Board DateOctober 19, 1997
Company NameToribank
Technical Partner and/or Major Shareholders
Toribank is an open joint stock bank with total assets of US$383 MM and total equity of US$41MM at year-end 1996. Its six core shareholders include trading and investment companies: AOOT “Invest-T” (9%), ZAO “Sojuzstroimontazh” (9%), Aton Ltd. (9%), “Partnerstvo” (8%), “Vash Finansovy Popechitel” (7%) and Investment Fund “Sakha-Invest” (7%).
Project Cost Including proposed IFC investment
The project includes an IFC equity investment of up to US$10 million in the charter capital of Toribank.
Location of project and Description of site
Moscow, Russian Federation
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
Toribank has emerged as one of Russia’s most important securities dealers and ruble clearing banks and is well-known for the establishment of an in-house clearing center for regional banks. Through this project, IFC will support Toribank’s expansion into project finance and other new areas of activity. Toribank is reasonably capitalized at present, yet substantial capital will be needed to meet the requirements of economic growth and expected consolodation within the banking sector.
Environmental Category and Issues
This is an environmental review category C project. No further environmental review is required
| Date SPI sent to PIC | September 19, 1997 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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