URSA Bank is going to increase the amount of a syndicated loan it’s about to attract from $60 mln to $75 mln, the lending institution’s first deputy general director Vladislav Khokhlov told the media on the sidelines of the conference “Russia: In the Grip of Innovations”. "$60 mln was initially sought, but there is an oversubscription and we are going to wrap up the deal in the days to come” — he said. Khokhlov noted that the lending institution decided to abstain from “wholesale sources of borrowing” this year, saying at issue are Eurobond issues: “We do not mull floating Eurobonds this year, but this does not mean that the bank will place none in the future”. In addition, URSA Bank holds two registered issues of ruble-denominated 7-year bonds worth Rub 5 bln each. Khokhlov declined to disclose the timing for their placements, noting that many factors will depend on the market. “Maybe, this will happen this autumn” — he said.
According to Khokhlov, also URSA Bank has plans to securitize its auto loans. Meanwhile, the first deputy general director declined to name the deadline for the deal, quoting the controversial conditions on the financial markets. At present, the portfolio of the bank’s auto loans stands at around Rub 10 bln, with Rub 6 bln of them could be securitized, the executive noted.
As for the guidance for the lending institution’s FY07 IFRS financials, Khokhlov said that net profit is projected at $300—350 mln and assets at Rub 240 bln. “We project key showings to improve 40%, with deposits viewed as a primary growth factor” — Khokhlov pointed out adding this year URSA Bank is going to boost deposits by Rub 50 bln.
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