EBRD increases TFP facility limit for LOCKO-Bank up to USD 145 million
On 11 December 2013 the European Bank for Reconstruction and Development (EBRD) increased the TFP Facility limit for LOCKO-Bank by USD 30 million to an overall limit totalling USD 145 million. The EBRD’s decision to increase the limit will further contribute to the Bank’s success in financing the foreign trade operations of its clients.
A TFP Issuing Bank Agreement with an initial limit of USD 10 million was signed between LOCKO-Bank and the EBRD in September 2005. Since then the facility has been increased several times to support the constantly growing trade finance business of the Bank. As part of TFP Programme, a Revolving Credit Agreement in Russian Roubles was signed in May 2008 for refinancing of foreign trade loans in Russian Roubles.
The EBRD named LOCKO-Bank the “Most active Issuing Bank in Russia in Short-term trade finance in 2009”, the “Most active Issuing bank in Financing Trade with Taiwan in 2010” and the “Most Active Issuing Bank in Russian Federation in 2012.”
The EBRD’s Trade Facilitation Programme (TFP) was developed to promote and facilitate international trade to, from and within Сentral and Eastern Europe, the Commonwealth of Independent States (CIS) and the Southern and Eastern Mediterranean (SEMED) region. Under the TFP, guarantees are provided to international commercial banks thereby covering the political and commercial payment risk of transactions undertaken by participating banks (issuing banks) in the EBRD’s countries of operations. At present there are 101 banks in 22 countries participating in the Programme with total limits in excess of €1 billion.
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CB “LOCKO-Bank” (CJSC) is a universal medium-sized independent commercial bank with the participation of the reputable foreign investors in its share capital. The Bank was found in 1994, and has a strategic focus on lending to the SME sector. LOCKO Bank provides the full range of serves to SME, retail and private banking, payments and cash management services, securities transactions. According to RBC ranking the Bank ranks among the Top-30 best Retail banks and the Top-10 banks by volume of SME Loans provided in 2012.
For more information please visit www.lockobank.ru