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  Wednesday, October 23, 2019
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Vneshtorgbank and Moscow Narodny Bank will syndicate a debut euro loan for the International Bank of St. Petersburg
Vneshtorgbank, Russia's state-run foreign trade bank, and Moscow Narodny Bank, a U.K.-registered Russian owned bank, will syndicate a debut euro loan for the International Bank of St. Petersburg, Vneshtorgbank said Wednesday. The bank said the loan would be disbursed for 12 months with a one-year deferment option. "Talks are under way to determine the size of the loan and interest rate," the International Bank of St. Petersburg said. The parties are expected to agree on the loan by the end of the month. The International Bank of St. Petersburg is Russia's 64th biggest bank in terms of assets and St. Petersburg's fifth largest financial and credit institution. The bank specializes in servicing large corporate clients in the northwest of Russia and handles the St. Petersburg city budget's cash flows. It has a subsidiary in Moscow and representative offices in Helsinki, Tallinn, and Astrakhan in southern Russia. The bank has the long-term B- and the short-term B ratings assigned by the international rating agency Fitch Ratings and the long-term CCC+ and the short-term C ratings with a stable outlook assigned by Standard & Poor's.
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