Bank of Moscow and NIS signed contract on loan of 100m USD

"Petroleum Industry of Serbia" (NIS) and the Bank of Moscow from Russia signed the contract today (October 20th, 2009) in Belgrade for the loan of 100m USD.

According to NIS's announcement, the money from the loan will be used for financing current activities of that oil company.

The repayment period for the loan is two years, and it is possible to extend it by one more year. After it takes this loan, NIS will keep its debts at the same level as they were at the beginning of year 2009.

The Bank of Moscow in Belgrade, a daughter-company of the Bank of Moscow in Russia, will also participate in realization of the loan.

The stockholders of NIS are Russian oil company "Gazpromneft", which owns 51% of stocks, and the Government of Serbia, which has 49% of stocks in its possession.

The Bank of Moscow was founded in 1995 as a state-owned bank. Its major stockholder is the city of Moscow, which owns 44% of stocks, and it is one of the five largest banks in Russia.

The Bank of Moscow is present in Serbia since October 2008, and it also owns banks in Ukraine, Belarus, Latvia and Estonia, as well as branch office in Frankfurt, Germany.