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Italy's IntesaBci SpA opens $30 mln credit line for Vneshtorgbank

5 April 2002

Vneshtorgbank and IntesaBci SpA of Italy on Wednesday signed an agreement envisaging financing for the import of Italian machinery and equipment through Vneshtorgbank to the sum of $30 million under guarantee from the Italian export insurance agency Sace, VTB said in a press release.

The agreement was signed as part of Italian Prime Minister Silvio Berlusconi`s visit to Russia.  The deal will lay the ground for expanding mid-term (up to five years) financing for imports from Italy for Vneshtorgbank clients and expanding the opportunities for financing projects on the basis of the Italian state system of backing exports without guarantees from the Russian government, the press release states.

VTB in December 2001 signed a credit agreement with Banca Nazionale del Lavoro envisaging import financing of $10 million. A similar agreement is currently being discussed with another Italian bank.

Various projects to buy Italian equipment for industries such as energy, food and construction will be financed by VTB with funds raised on this credit line, which is in its final consideration phase.

IntesaBci SpA, a major Italian bank, was formed in 2001 from the merger of three banks: CARIPLO, Bancorosiano Veneto and Banca Commerciale Italiana. The bank operates successfully on the Russian market and has an office in Moscow.  IntersaBci SpA and Vneshtorgbank in 2001 founded the Russian- Italian finance and consultancy company ZAO International Business Consultants with the aim of helping to develop trade between the two countries.

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