Gazenergoprombank grants Home Credit & Finance Bank a 1.8bln rubles loan
Issue:
Vol. 4, No. 11
Tags:
Home Credit Bank
Gazenergoprombank and the Russian retail banking leader Home Credit & Finance Bank (HCFB) in November successfully concluded a 1.8bln rubles loan deal collateralized with the latter’s mortgage portfolio that will enable it to diversify its funding sources by adding ruble-denominated to its foreign currencies denominated capital. The deal envisages HCFB buying back this portfolio in a year’s time.
Commenting on the agreement, Gazenergoprombank CEO Mikhail Khodursky called the deal with HCFB a confirmation of the bank’s system-formation and stabilization role that enables it within the framework of the ‘Bank for Banks’ project to provide other banks with loans secured by low-risked assets. From his part, acting HCFB CEO Dmitry Mosolov said the loan was a new tool for his bank on the local market. “We are glad for this cooperation with Gazenergoprombank that enabled us to successfully conclude such an interesting transaction.”