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13/10/2000
EBRD completes first major Russian banking transaction since the 1998 crisis 

The London based European Bank for Reconstruction and Development (EBRD) this week completed a US $70-million re-capitalisation of the International Moscow Bank, Russia's fourth largest. 

This completes EBRD's first major transaction in the Russian banking sector since the 1998 crisis, which wiped out the equity of many Russian banks. "The EBRD's participation reflects our confidence in the successful future of IMB, the largest privately-owned and fully independent bank in Russia," said Kurt Geiger, head of the EBRD's Financial Institutions group. "We firmly believe that the future of Russia's banking system depends on the growth of private banks committed to international professional standards, transparency, and good corporate governance." Three other international lenders of subordinated loans totalling US$ 30 million also participated in the deal.

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