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CREDIT BANK OF MOSCOW and BLACK SEA TRADE AND DEVELOPMENT BANK signed agreement on SME credit line transformation
On October 12, 2009 CREDIT BANK OF MOSCOW and BLACK SEA TRADE AND DEVELOPMENT BANK (BSTDB) signed agreement on transformation of SME credit line opened in February 2008.
According to new terms, credit line from BSTDB can be utilized not only for the purposes of SMEs financing, but for any other types of lending. The restated agreement provides for grace period to be extended by three years and final maturity date – by two years. Apart from this, new transformed credit line is not collateralized.
"Taking into account wide range of possibilities of CBM in terms of lending and higher demand for borrowed funds from borrowers of all groups, BSTDB and CBM agreed on making some changes to initial terms of credit line agreement, - comments Alexander Nikolashin, Chairman of the Management Board of CBM. – Apart from this, a new repayment schedule, which is more adequate to the current market environment, was established."
The agreement is signed. Alexander Nikolashin, Chairman of the Management Board of CREDIT BANK OF MOSCOW (to the left) and Andrey Kondakov, Vice President, Banking Division, BLACK SEA TRADE AND DEVELOPMENT BANK.