RIA NOVOSTI. MDM Bank could raise funds on the market no earlier than 2011, MDM Bank CFO Vadim Sorokin said during a conference call on Monday, RIA Novosti reported. He did not name potentially possible fund-raising instruments and amounts the lender could borrow.
In the middle of September Sorokin told reporters that MDM Bank plans to take a syndicated loan of at least $250 mln by the end of the year. “I don’t know exactly about Eurobonds, but we’ll probably raise a syndicated credit of at least $250 mln," he said at that time.
At present, MDM Bank has in circulation eight Eurobond issues (for a total of $980 mln, €225 mln and Rub 9.1 bln) and fourth issues of ruble-denominated bonds (worth Rub 19.2 bln). The lender is to repay debts for a total of Rub 4 bln in ruble equivalent by the end of 2010 (syndicated loans and Eurobonds) and Rub 18 bln in 2011 (syndicated loans, Russian and international bonds), MDM Bank said in a statement.
In addition, the lending institution has two registered issues of ruble-denominated bonds worth Rub 5 bln each due 2013.
MDM Bank has operated on the Russian market for over 20 years. In August 2009 the lender merged with Ursa Bank. Previously both banks were Top 30 lenders by assets. MDM Bank’s H1 IFRS net profit amounted to Rub 1.06 bln against a Rub 4.3 bln net loss in the same period a year ago.
