STOCKHOLM, Sweden, Feb. 12, 2002 (PRIMEZONE) -- Nordea, together with HypoVereinsbank, the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), are leading an initiative to arrange over USD 200 million in financing to promote the expansion of Moscow's new third GSM mobile operator, Sonic Duo. The transaction is the first major international financing in the sector by a bank.
It is also the first major international financing of a Russian telecom project since the financial crisis in 1998. The investment will support the construction of Sonic Duo's GSM 900/1800 network, operating under the brand MegaFon.
"Nordea is very pleased with the successful conclusion of this deal", says Bo Karlegard, Vice President, Nordea Export & Project Finance, who coordinates for Nordea in this strategically important transaction. "This clearly demonstrates our commitment to the Nordic and Baltic Sea markets and our readiness to assist core customers like Ericsson and Sonera in the challenging Russian market. We have completed this transaction in close cooperation with our partner bank HypoVereinsbank and our joint venture bank IMB, International Moscow Bank in Moscow."
The deal is well adapted to the IFC and EBRD strategies to foster the development of a market economy, encourage private-sector participation in infrastructure, mobilise long-term debt financing in Russia and the promotion of foreign direct investment.
International Moscow Bank (IMB), which is a joint venture of Nordea and HypoVereinsbank, is the house-bank in Moscow of Sonic Duo.
It will also have direct benefits for consumers and businesses, by increasing the wireless penetration in the greater Moscow region and fostering further competition through the introduction of a third GSM mobile phone operator to the market.
Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through four business areas: Retail Banking, Asset Management & Life, Corporate and Institutional Banking and General Insurance. The Nordea Group has nearly 11 million customers, 1,260 bank branches and 125 insurance service centres in 21 countries. The Nordea Group is a world leader in Internet banking, with more than 2.8 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen.
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