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Deutsche Bank and WestLB launch general syndication for the €50mn Term Loan Facility for Raiffeisenbank (Bulgaria) EAD
19 May 2004
LONDON, 17 May 2004 – Deutsche Bank AG London (“Deutsche Bank”) and WestLB AG London Branch (“WestLB”) as Mandated Lead Arrangers and Bookrunners have completed senior phase syndication of the €30mn Syndicated Term Loan Facility for Raiffeisenbank (Bulgaria) EAD. In view of the success of this initial phase, the facility is being launched into general syndication at an increased amount of €50mn. The two year loan will benefit from a letter of comfort from Vienna-based Raiffeisen Zentralbank Oesterreich AG (RZB-Austria) and pays a margin of 1.25% p.a.
Joining the Mandated Lead Arrangers at senior level are: Alpha Bank A.E., BayernLB, Commerzbank Aktiengesellschaft, Erste Bank and WGZ-Bank Westdeutsche Genossenschafts-Zentralbank eG.
Raiffeisenbank (Bulgaria) EAD, a wholly owned subsidiary of RZB-Austria, is the 7th largest bank in Bulgaria in terms of total assets. Raiffeisenbank (Bulgaria) EAD is a universal bank with a network of 39 outlets throughout Bulgaria. In 2003, the bank’s loan portfolio increased by 50%, while customer deposits grew by 27%. It is among the top three lenders to corporates in the country with a market share of 9%.
As at 31 December 2003, Raiffeisenbank (Bulgaria) EAD’s total assets amounted to € 433.1mn and total shareholder’s equity was € 29.2 mn. The return on equity after tax reached 34%, up from 10% in 2002, while the cost/income ratio was reduced to 52% as compared to 60% in 2002.
