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US$ 10 million EBRD credit line for UralPromstroyBank
The largest bank in the Sverdlovsk region of Russia, UralPromstroyBank, is to receive a US$ 10 million credit line from the European Bank for Reconstruction and Development (EBRD) to on-lend to small and medium-sized businesses in the region.
David Hexter, the EBRD's Deputy Vice President, said: "Sverdlovsk region is one of the most economically promising and strategically important regions in Russia. The EBRD's credit line will address the shortage of medium-term financing for the growing private sector and at the same time further strengthen one of the best performing regional banks."
Vladislav Klabukov, President of UralPromstroyBank, said: "Since the bank's formation, we have built up a solid customer base of both private sector enterprises and individuals, and this credit line will enable us to serve our smaller customers even more effectively. UralPromstroyBank has been working with the EBRD since 1995 and we are pleased to be able to extend our activities with it."
The Russian bank provides general commercial banking, serving both the retail and corporate markets in the city of Ekaterinburg and the Sverdlovsk region. Its main business is rouble and foreign currency lending in the form of short-term working capital facilities to industrial and other commercial enterprises. Recently, the bank has developed a range of new activities, including dealing in government securities, bills of exchange, foreign exchange operations and retail banking services to individuals. It operates from 35 branches and 65 cash windows.
UralPromstroyBank is participating in the Financial Institutions Development Programme set up by the World Bank and the EBRD in 1995. It is also benefiting from the Russia Small Business Fund, managed by the EBRD, from which it received a US$ 500,000 loan for providing micro loans.
Formed from the Sverdlovsk regional branches of the former state PromstroyBank, UralPromstroyBank was registered as a bank in November 1990, receiving a full banking licence in 1993. In terms of total assets, the bank ranks 50th in Russia.
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