Maritime Bank benefits from shipping revival

RUSSIAN banks are set to grow and benefit from a government push to improve the country’s port and shipping infrastructure.

The Maritime Bank has mirrored strong growth in the sector, doubling its assets in one year to $500m. It forecasts that by 2010 the bank’s assets will be $2bn through organic growth. Board chairman Igor Dergunov said The Maritime Bank stood to become a major beneficiary from this push.
There are plans to boost co-operation with foreign shipping banks who want to operate in Russia, as well as state-owned banks, to loan money to develop infrastructure, Mr Dergunov said.

The Maritime Bank has worked with many small and medium-sized enterprises to fund terminal developments at the port of Novorossiysk and Ust-Luga, as well as a joint venture with ING for Kaliningrad and Primorsk projects.

Founded in 1989 by the transport ministry to service maritime enterprises, the bank was once one of the top three in Russia. However, a boomingmaritime sector has supported the its revival and it now benefits from being the only bank to specialise inmaritime financing.