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Russia: Bank Receives EBRD Small Business Credit

  • Stuart Parrott

London, 14 November 1996 (RFE/RL) -- The largest bank in the Sverdlovsk region of Russia, UralPromstroyBank, is to receive a $10 million credit from the European Bank for Reconstruction and Development to help it lend to small and medium-sized businesses.

EBRD deputy vice president David Hexter said in London yesterday the cash will address the shortage of medium-term financing for the growing private sector in "one of the most economically promising" regions of Russia.

UralPromstroyBank President Vadislav Klabukov said the credit line will help it serve its smaller customers.

The bank serves the retail and corporate markets in the city of Ekaterinburg and the Sverdlovsk region. Its main business is rouble and foreign currency lending to industrial and commercial enterprises.

The bank has recently developed a range of new activities, including dealing in government securities, bills of exchange, foreign exchange operations and retail banking services to individuals. The bank operates from 35 branches and, in terms of total assets, ranks 50th in Russia.