Russian Vnesheconombank to raise $230M to fund the construction of CSKA football stadium in Moscow

26-6-2013 — /europawire.eu/ — In the course of the Petersburg International Economic Forum-2013 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Bank of America, N.A. (US), Sumitomo Mitsui Finance Dublin Limited (Ireland) and CJSC Sumitomo Mitsui Rus Bank (Russia) signed a credit agreement.

Under the agreement Vnesheconombank is to raise credit facilities from the banks in the amount of 230 million US dollars for a period of 5 years to fund a project on the construction of a CSKA football stadium in the city of Moscow. The project is to be implemented by CJSC CSKA Professional Sports Club.

Bank of America, N.A. is a subsidiary of Bank of America Corporation that comprises banks, investment and insurance institutions. In terms of assets amount the Group ranks first in the U.S. It has an extensive network of subsidiaries throughout the world including its affiliate in Russia LLC Merrill Lynch Securities which offers a wide range of corporate and investment-banking products to companies and financial institutions.

Sumitomo Mitsui Finance Dublin limited (Ireland) and CJSC Sumitomo Mitsui Rus Bank (Russia) are members of Sumitomo Mitsui Financial Group Inc.(SMFG). SMFG is a holding company incorporating banks, investment and financial institutions. In Japan the Group ranks third by the amount of assets. SMFG has an expanded network of branches and affiliated institutions all over the world including a its subsidiary in Russia – Closed Joint Stock Company Sumitomo Mitsui Rus Bank, which offers companies and financing institutions a range of corporate banking services.

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