. Last Updated: 07/27/2016

Inkombank Credit

MOSCOW () -- Inkombank, Russia's fifth largest in terms of assets, inked an agreement Monday with a consortium of European banks that will issue the bank a one-year credit of $20 million.

According to a press release from Inkombank, the syndicated credit was backed by nine European banks, with West Merchant Bank in London acting as the leading credit manager. West Merchant is a 100 percent-owned subsidiary of WestLB, Germany's third largest bank, with which Inkombank signed a strategic partnership last month.

Inkombank plans to use the credit for financing short-term investment and trading operations of its corporate clients, the statement said, and the bank expects to further tap international credit markets.