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Credit Bank of Moscow takes out $20-mln loan from EBRD

MOSCOW, August 10 (RIA Novosti) - Credit Bank of Moscow signed Thursday an agreement with the European Bank for Reconstruction and Development on a $20-mln subordinated loan.

Credit Bank of Moscow, which is on a list of the country's top 70 banks, with assets of 17.1 billion rubles (about $633 million) and a shareholder equity of 1.77 billion rubles (about $65.5 million) on April 1, said this was the first loan granted under a $150-mln program approved by the EBRD in July this year to raise the capitalization of Russian banks.

The loan has a maturity period of seven years and offers an option to prolong it to nine years.

"In the first place, funds will be used to implement the bank's regional development program designed to expand its office network," Credit Bank of Moscow said.

The bank intends to increase the number of its branches and mini-branches in Moscow and the Moscow Region to 100 in the next two years.

"With the subordinated loan, the equity capital of Credit Bank of Moscow will total more than 3.3 billion rubles (about $122 million)," the bank said.

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