MOSCOW, November 10 (RIA Novosti) - Sberbank, Russia's biggest savings bank, signed an agreement Thursday on taking out a $1-billion syndicated loan.
The loan has been given at LIBOR rate + 0.55% and should be redeemed within three years.
The syndicate comprises 42 banks, but the main financial institutions are ABN AMRO and HSBC Bank.
Sberbank Chief Executive Andrei Kazmin called the deal unprecedented by Eastern European as well as Russian standards.
"The loan is an unprecedented one not just in terms of the amount," he said. "No other company in Russia or in Central and Eastern Europe has yet been able to obtain a loan on such favorable terms."
Kazmin said the loan would be used to finance various economic development projects in Russia.
