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Uralsib to get subordinated loan
RBC, 14.11.2008, Moscow 15:20:03.Uralsib Bank expects to raise RUB 6bn (approx. USD 217m) in a subordinated loan, the Russian bank's CEO Andrei Donskikh announced. He did not specify who was providing the bank with the credit facility, but noted that they were Russian investors and that the loan had been granted for 10 years. Moreover, Donskikh indicated that the bank was pondering approaching Vnesheconombank to secure another loan. He revealed that, although the proposal was still under consideration, the loan could amount to around RUB 6bn (approx. USD 217m). According to Donskikh, the bank is currently in talks with Vnesheconombank about refinancing Uralsib's external loans. The CEO elaborated that the lion's share of payouts on external loans (some RUB 700m-800m , or approx. USD 25m-29m) would fall on next year, and that around RUB 350m (approx. USD 13m) was still due this year. Nonetheless, Donskikh believes that Uralsib will avoid liquidity problems, noting that despite a deposit flight of around 13 percent in October, the situation with deposits was stable.
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