Microcreditbank raised a syndicated loan in the amount of USD 25 mio and EUR 64 mio

Currency	Purchase	Sale	CBU
USD	11735	11840	11783.47
EUR	13000	14000	13688.86
RUB		140	139.7
GBP	15600	16600	15941.86
CHF	14200	15200	14515.24
JPY	50	100	76.44

On March 4, 2020, Microcreditbank signed an agreement to attract a debut syndicated loan in the amount of USD 25 mio and EUR 64 mio. The deal was successfully closed.

PJSC Promsvyazbank and PJSC TRANSKAPITALBANK acted as the authorized book-runner and lead arranger for the loan. A syndicated loan was raised for general corporate purposes, including trade finance.

Along with Promsvyazbank and TRANSKAPITALBANK, the transaction was organized by RUEXIMBANK (Russia), Halyk Savings Bank of Kazakhstan (Kazakhstan), Belagroprombank (Belarus), Intesa Bank (Russia), BCS BANK (Russia), International Financial Club (Russia), Altyn Bank (Kazakhstan), Nefteprombank (Russia), Expobank (Russia), Belinvestbank (Belarus), International Bank of Azerbaijan (Azerbaijan), J & T Bank (Russia).

For Microcreditbank this is the first experience of conducting such a large-scale transaction to attract international funding, but the organizers closed the application book with more than 2 times oversubscription and in record short period of time.

A significant part of the funds was provided by various investors from the CIS countries, which is evidence of the recognition of Microcredit Bank by existing and new lenders of the international banking community. So, in addition to Russian creditors, the largest financial institutions from Belarus, Azerbaijan, Kazakhstan and China such as Belagroprombank, Belinvestbank, International Bank of Azerbaijan, Halyk Savings Bank of Kazakhstan and other credit organizations took part in the transaction.

Commenting on this transaction, Chairman of the Management Board of Microcreditbank Orif Butaev said:

“I can say with confidence that this agreement is a very significant event for Microcreditbank, as it is the most voluminous, by sum, attraction by the bank without a state guarantee and attraction of a syndicated loan will contribute to the further development of relations of Microcreditbank with banks participating in the transaction. And in this context, I want to emphasize that we are making great strides in establishing the bank as a sustainable financial institution in Uzbekistan and in the region as a whole. In particular, this year and in the coming years, the bank will continue to build up its assets to ensure high return on equity, as well as continue the process of transforming the bank in order to ensure the competitiveness of the bank in light of the increased transparency of the financial market of Uzbekistan for international financial institutions. Moreover, strong support from our main shareholders - the State Assets Management Agency of the Republic of Uzbekistan, the Fund for Reconstruction and Development of the Republic of Uzbekistan, the Ministry of Finance of the Republic of Uzbekistan confirms the support of our bank from the State”.

For reference: Founded in 2006, Microcreditbank is one of the banks with state participation. Microcreditbank serves SMEs, corporate clients and individuals, as well as provides other types of financial services. The head office of the bank is located in Tashkent. The bank's branch network includes more than 153 points of sale, which cover all regions of the country. The Bank takes an active part in implementing social programs and supporting SMEs, women entrepreneurs and the poor. With a registered capital of $ 171.7 million (state share of 97.8%), the bank ranks 7th in terms of capital among banks. Assets amount to about 553.5 million US dollars. The bank has an international rating “BB-”; Outlook “Stable” from Fitch Ratings.

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