Project description
and objectives:
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The proposed project is a senior loan of RUB 2.1 billion to Rusfinance Bank
(ex-Promek Bank), a consumer finance bank that belongs to Societe Generale
Group. The proceeds of the loan will go towards financing the portfolio of
consumer loans in the Russian Federation.
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Transition impact:
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The proposed Russian Rouble loan will further advance the availability of
local currency funding for banks lending to Russian citizens. Lack of funding,
especially of local currency funding, is a major impediment to growth in the
Russian consumer finance sector.
The project will increase the competition in the consumer finance market in
Russia by supporting the entry of a new strong foreign strategic investor.
This helps to expand the market both through lowering over time the interest
rates and an increased range of local currency credit products.
The entry of Societe Generale will demonstrate that western business practices
and strong corporate governance can be implemented in banks in the Russian
consumer finance sector. SG will bring its consumer finance business practices
to Promek and hence set an example of best practices in business conduct and
consumer protection to other market participants.
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The client:
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Rusfinance Bank (ex-Promek Bank) is a Samara based consumer finance bank. It
was recently acquired by Rusfinance S.a.S. Rusfinance is a consumer finance
bank, 68 % owned by Societe Generale, France (‘SG’) and 32 % by Baring Vostok
Capital Partners, Russia.
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EBRD finance:
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RUB 2.1 billion (EUR 60 million) senior term loan for financing the
development of consumer finance portfolio.
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Total project cost:
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EUR 60 million.
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Environmental impact:
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There are no environmental risks associated with the consumer financing,
therefore there will be no environmental requirements associated with this
operation.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Maurice Caulliez, CFO, Rusfinance
Tel: +7 095 540 7000
Fax: +7
095 789 6921
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EBRD contact:
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Mikhail Grechikho, Operation Leader: grechikm@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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