Bank Vozrozhdenie and Russian Bank for Development joined efforts for SME lending

Russian bank of development (RBD) and Bank Vozrozhdenie signed 5-year loan facility agreement of RUB 3 bln for purposes of lending to SMEs.

The agreement based on so called “Co-financing” product provides equal amount of financing to SMEs from Bank Vozrozhdenie and RBD.  “Cooperation with leading banks, such as Bank Vozrozhdenie, serves the general purpose of RBD’s Program – delivering funding to as many borrowers as possible. Given great track record of working with SMEs and wide distribution network, Bank Vozrozhdenie will make significant contribution to our Program”, — commented Olesya Teploukhova, Deputy Chairwoman of the Management Board of RBD.

“Historically SMEs are our key clientele. Lending under the agreement with RBD fully complies with the business strategy of the bank, that actively participates in different programs aimed to SMEs support”, — said Lyudmila Goncharova, Deputy Chairwoman of the Management Board of Bank Vozrozhdenie. As of October 1, 2010 SMEs loan portfolio of the bank amounted to almost RUB 50 bln or nearly 60% of the corporate loan portfolio.