23 May 2003
A strategic partnership agreement was signed between Vneshtorgbank and Goznak Association
A strategic partnership agreement was signed on 25 April 2003 in Moscow between Vneshtorgbank and Goznak Association of State-run public paper enterprises and entities under the Russian Federation Ministry of Finance. Andrey Kostin, President and C.E.O., for Vneshtorgbank, and Arkadi Trachuk, Director General, for Goznak Association, signed the agreement.
The partnership agreement is aimed at more vigorous and advanced co-operation of the parties. Its signature derives from the need to establish a common concept of joint efforts between VTB and Goznak Association and its enterprises.
Under the agreement, the parties agreed to arrange comprehensive banking services for of Goznak Association, its enterprises and entities. The terms of the agreement envisage Vneshtorgbank`s participation in modernisation and retrofitting of some enterprises of the Association, and long-term financing for Goznak import trades using insurance coverage from foreign export insurance agencies.
The Bank will take part in arranging funding for export contracts and programmes of the Association, its enterprises and entities, and render consulting and information services in banking and finance.
In return, the Association will invite Vneshtorgbank to render banking services in all federal constituent members where enterprises and entities of the Association are located.
By mutual consent of the parties, the existing spectrum of banking services rendered to Goznak staff will be expanded.
At the same time, the parties signed a Plan of action on partnership development which sets forth procedure and deadlines for measures aimed at more efficient joint efforts in 2003.
At the signing ceremony, Mr. Kostin said that "co-operation between VTB and Goznak started way back in 1992 and it is expanding ever since. At present, VTB and its branches in Saint Petersburg and Perm offer a full array of banking services for enterprises of the Association, including the Moscow Mint, the Goznak Research Institute, the Saint Petersburg Mint, the Saint Petersburg paper-mill, the Riazhsk paper-mill, the Krasnokamsk paper-mill and the Perm paper-mill. In the short run, VTB is going to take part in arranging finding for equipment import deliveries under modernisation projects to be implemented at some Association enterprises."