Опыт привлечения финансирования из ОАЭ: сделка Ак Барс Банка

Альберто Бруньони, ASSAIF (Италия)Рустам Вахитов, International Tax Associates

(Нидерланды)Москва, 4 июня 2013

DEAL OF THE YEAR- 2011

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STRUCTURE OF THE DEAL

© 2013. International Tax Associates. UFS group of companies.All rights reserved.

Financing

City Bank Ak Bars Bank

UAE/UKRussia

Banks

© 2012. International Tax Associates. UFS group of companies.All rights reserved.

Financing

HISTORY OF THE DEAL

© 2013. International Tax Associates. UFS Group. All rights reserved.

1. What was the strarting point of the deal? 2. What was the most difficult part? 3. When you did realize that the deal is real?4. Do you believe that other similar transactions can be organized in Russia ? 5. Which projects are potentially interesting for Middle East investors (infrastructure projects, lease of airplanes, trade financing etc.?)

5

STAGE 2: AK BARS BANK’S SYNDICATED FACILITY STRUCTURE - COMMODITY MURABAHA

AK BARS Bank as Purchaser

MLA asInvestment Agent

Commodities Supplier

Participants

1. Participations

4. Com

modities

7. USD Deferred payment

Commodities Buyer

5. Commodities

3. Commodities

2. USD Spot payment

6. USD Spot payment

Steps 1 to 6 are intra day on Day One !

Steps

1. Syndicate banks fund mandate Lead Arranger (MLA) as Investment Agent

2. MLA as Investment Agent enters into a contract with a commodity broker for the purchase of the Commodities

3. The purchase is on a spot basis, with immediate payment and delivery

4. MLA simultaneously enters into a contract for the resale of the commodities to AK BARS as Purchaser, for immediate delivery but payment by AK BARS on a deferred basis at the agreed cost plus a mark-up (i.e., LIBOR plus a spread)

5. AK BARS, in turn, appoints MLA as its agent for the resale of the same Commodities to a third party, again on a spot basis

6. The Commodities Buyer pays USD for the commodities against delivery

7. AK BARS has until the end of the deferred payment period to pay the Investment Agent (MLA) the agreed cost-plus price

N:B: Commodities

Warrants for precious and non-precious metals listed on the London Metals Exchange (LME) are most commonly used in this structure as the underlying metals fulfil the following key criteria: eligible (i.e. not repugnant to Islam); physical; allocated (i.e. identifiable in actual amount, location and specification); capable of delivery; and unencumbered (with freely transferable title)