MOSCOW, March 6 (RIA Novosti) - Bank Austria Creditanstalt and Citigroup have been authorized to syndicate a $100-million loan for the Russian Bank of Development, the banks said in a press release Monday.
The three-year loan will have a margin of 60 basic percentage points, or 6% interest annually, the news release said, adding that the money would be used to refinance RBD's debt and fund the bank's operations.
RBD was opened in 1999 as an open joint stock company, with the Federal Agency for the Management of Federal Property holding 100% of shares. RBD has the status of a national development bank financing Russia's priority economic projects. As of January 1, the bank had authorized capital of 6 billion rubles (about $215 million) and assets worth 18 billion rubles ($646 million).
