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Vneshtorgbank and BRE Bank S.A. of Poland signed a cooperation agreement

27 April 2002

Vneshtorgbank (VTB) and BRE Bank S.A. of Poland signed a cooperation agreement envisaging joint financing for the projects of Russian and Polish companies in the two countries.

 The two banks approved the agreement in January during President Vladimir Putin`s visit to Poland, VTB said in a press release.

 The agreement will help expand opportunities for Russian and Polish exporters and importers and boost mutual trade between the two countries, the release states.

 Cooperation between VTB and Polish banks is also based on implementing the KUKE S.A. (Polish export credit insurance corporation) program on loans for exports to Russia, of which VTB has been a participant since 2001. The program envisages mid- and long- term financing for Russian companies buying machinery and equipment from Polish manufacturers.

 BRE Bank S.A., one of Poland`s biggest banks, works mostly with major corporate clients and services Poland`s foreign trade.

 Earlier, VTB signed cooperation agreements with tow other Polish banks: Bank Gospodarki Zywnosciowej S.A. and Kredyt Bank S.A.

 VTB has wide experience on Eastern European markets. Its guarantees are accepted by export-import banks and insurance agencies in Hungary, Poland, Slovakia, Croatia and the Czech Republic.

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