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Promsvyazbank raises $125 mln syndicated loan from Mideast banks

MOSCOW, May 29 (RIA Novosti) - Promsvyazbank, a leading Russian commercial bank, said Tuesday it had raised a one-year $125 mln syndicated loan from banks based in the Middle East.

Promsvyazbank said it intends to use the loan proceeds to finance trade operations of its clients. "The loan has been granted for a term of 364 days at a rate of LIBOR plus 0.70% per annum," the bank's statement said.

Emirates Bank, Fortis Bank and Mashreq are the loan managers, Promsvyazbank said. "This is the first deal to grant a syndicated loan to a Russian bank, in which only investors from the Middle East have been invited," the bank said.

Promsvyazbank is controlled by the Ananyev brothers, who also have holdings in information technology, media, insurance, and industrial companies, and real estate.

Commerzbank Auslandsbanken Holding AG, a subsidiary of Germany's Commerzbank AG, holds a 15.32% stake in Promsvyazbank.

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