The Black Sea Trade & Development Bank (BSTDB) announced recently that it is providing a $40 million loan to Russia's Promsvyazbank to support residential mortgage lending to individuals.
"We welcome this agreement aiming at improving living standards for Russian people," BSTDB President Andrei Kondakov said. "The BSTDB financing increases the accessibility of affordable long-term mortgage loans and also supports the residential real estate market and related industries in Russia".
Promsvyazbank, founded in 1995, is one of Russia's leading private banks. It is owned by Promsvyaz Capital, with 88.25 percent, and the European Bank for Reconstruction and Development (EBRD), with 11.75 percent.
Headquartered in Thessaloniki, Greece, the BSTDB was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova Romania, Russia, Turkey and Ukraine to support economic development and regional cooperation.
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