Sept. 13 (Bloomberg) -- B&N Bank, a Moscow-based bank with about $3.7 billion of assets, hired arrangers for a $50 million term loan to finance trade-related projects of its clients.

Alfa Bank, Raiffeisen Bank International AG, ZAO Raiffeisenbank, VTB Bank and its German unit are arranging the 364-day facility that pays interest of 400 basis points more than the London interbank offered rate, VTB Bank said in a statement today. A basis point is 0.01 percentage point.

B&N Bank reported net income of 109 million rubles ($3.6 million) for the first half of this year, according to the statement. B&N President Mikhail Shishkhanov was ranked as Russia’s 176th richest person with $550 million in April by Forbes magazine.

--With assistance from Denis Maternovsky in Moscow. Editors: Cecile Gutscher, Andrew Reierson

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net