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    €75mn syndicated Term Loan for Raiffeisenbank (Bulgaria) EAD arranged by Deutsche Bank and WestLB signed in Sofia, Bulgaria


    SOFIA, 22 June 2004 – Raiffeisenbank (Bulgaria) EAD announced today the signing of the €75mn syndicated Term Loan Facility arranged by Deutsche Bank and West LB and a syndicate of 16 other banks. The facility, which was initially launched at €30mn, was increased due to highly successful senior and general syndication phases. The two year loan will benefit from a letter of comfort from Raiffeisen Zentralbank Oesterreich AG, Vienna (“RZB-Austria”) and pays a margin of 1.25% p.a.

    The loan is truly a landmark transaction being the largest syndicated loan ever arranged for a financial institution in Bulgaria. Also noteworthy is the large syndicate of 18 banks – one of the largest up to date for any Bulgarian syndication. As can be seen from the below list the lenders make up a diverse and well-represented syndicate of banks.

    The following banks participated in the transaction:

    Mandated Lead Arrangers
    Deutsche Bank AG
    WestLB AG

    Erste Bank
    Alpha Bank A.E.
    Bank Austria Creditanstalt
    Commerzbank Aktiengesellschaft
    Mizuho Corporate Bank, Nederland NV
    WGZ-Bank Westdeutsche Genossenschafts-Zentralbank eG

    Lead Managers
    American Express Bank GmbH
    Anglo Irish Bank Corporation plc
    Danske Bank
    Dresdner Bank AG
    Österreichische Volksbanken AG, Vienna
    Wachovia Bank, National Association
    Zürcher Kantonalbank

    Lead Managers
    Baden-Württembergische Bank AG
    BRE Bank SA, Warsaw

    Raiffeisenbank (Bulgaria) EAD, a wholly owned subsidiary of RZB -Austria, is the 7th largest bank in Bulgaria in terms of total assets. Raiffeisenbank (Bulgaria) EAD is a universal bank with a network of 44 outlets throughout Bulgaria. In 2003, the bank’s loan portfolio increased by 50%, while customer deposits grew by 27%. It is among the top three lenders to corporates in the country with a market share of 9%.

    As at 31 December 2003, Raiffeisenbank (Bulgaria) EAD’s total assets amounted to € 433.1mn and total shareholders’ equity was € 29.2 mn. The return on equity after tax reached 34%, up from 10% in 2002, while the cost/income ratio was reduced to 52% as compared to 60% in 2002.

    During the first five months of 2004 Raiffeisenbank (Bulgaria) EAD continued its dynamic growth, as in comparison with the same period of the previous year, the total assets of the bank increased by 81,62% to €536.12 mn and the profit after tax went up by 72,93% to €5,36 mn. The loan portfolio of the bank increased by 71,21% to €392.23 mn, maintaining a very good quality of the assets, the deposits from customers went up by 52,15%, while the cost/income ratio was further reduced to 46,78%.

    About Deutsche Bank

    With roughly Euro 878 billion in assets and approximately 66,900 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

    Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private business banking franchise in Germany and other selected countries in Continental Europe.

    About WestLB

    WestLB is one of the largest banks in Germany with total group assets as at 31st December 2003 of €256bn.It is an internationally operating European wholesale bank, as well as acting as the central institution for the savings banks in North Rhine-Westphalia and Brandenburg. It is rated AA by SandP and Aa2 by Moody's. WestLB is 100%-owned by NRW Bank, which is itself owned by the State of North Rhine-Westfalia, the regional associations and the Savings and Giro Associations of the Rhineland and Westphalia-Lippe.

    WestLB's strategic focus is on offering individual clients financial solutions, which help them to realise their strategic goals and products. WestLB's services include credit products, treasury fixed income, financial structuring, equity products and asset management. In particular, it is one of the leading arrangers of fixed income issues and syndicated loans in the EU and Central and Eastern Europe and, in 2003,
    WestLB was placed Number 2 Bookrunner and Number 4 Mandated Lead Arranger
    for syndicated loans in the region (source: Dealogic Loanware).


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