Hogan Lovells has advised The International Finance Corporation (IFC), a member of the World Bank Group, and The European Bank for Reconstruction and Development (EBRD), the multilateral development bank, on their investment in Credit Bank of Moscow (open joint-stock company) (CBM) for a total of US$176 million. The investment will be made via subscription for newly issued ordinary shares giving IFC and EBRD a combined 15% stake in CBM. The deal was signed on 20 July 2012 and closed on 1 August 2012.
CBM is a universal privately owned bank offering a full range of banking services to corporate and retail customers in Moscow and the Moscow region. It is one of the fastest growing banks in Russia, having moved from 60th (as of 1 January 2008) to 21st position in terms of assets amongst Russia’s largest banks according to TOP-500 RBC Rating (as of 1 January 2012).
The Hogan Lovells team advising EBRD and IFC was led by Richard Cowie (partner, corporate, Moscow), assisted by a team including Marina Ries (counsel, corporate, Moscow), Artiom Vazhenin (associate, banking, Moscow) and Konstantin Kontievskiy (associate, corporate, Moscow).
