The five-year loan, issued by the National City Bank, is guaranteed by the Overseas Private Investment Corporation (OPIC), a U.S. government agency that sells investment services to assist U.S. companies investing overseas, the bank said in a statement.
"The bank will use the loan to develop priority retail projects, including auto credit and credit cards," the statement said.
Founded in 1993, Absolut Bank is 92% owned by five Moscow entrepreneurs, and 7.5% by International Financial Corporation. It was ranked 39th among domestic banks in terms of assets at the end of 2005 (the value of its assets reached 26 billion rubles, or about $929 million in 2005). The bank's shareholder equity exceeded $170 million as of early May 2006, after an additional share placement.
