The European Bank for Reconstruction and Development agreed to buy 15 percent of Russia's medium-sized SDM Bank in a move to increase funding for small businesses, EBRD said on Wednesday. EBRD, which lends to Russia's small and medium-sized businesses, said it would pay up to 352 million roubles ($11.77 million)for newly issued ordinary shares, representing 15 percent of SDM Bank's capital.
"EBRD is providing support to a strong and independent private player, which managed to weather the peak of the financial crisis while retaining both its willingness and capacity to start new lending," EBRD said.