23 May 2003
Vneshtorgbank delegation headed by its president and C.E.O. Andrey Kostin visited on 14 May 2003 the Kursk Region.
As part of the visit, a presentation of Vneshtorgbank branch in Kursk was held. Opening of the branch will contribute to advanced and more efficient operations of the Bank, extended territorial coverage of services, expanded customer base, improved quality and more prompt delivery of banking services to business entities.
Important outcome of the visit was a Co-operation Agreement entered into between Vneshtorgbank and the Kursk regional administration.
The agreement is aimed at further development of financial and banking support to companies and entities doing business in the Kursk Region, and joint implementation of economic, social and financial policy in this territory.
The agreement envisages financing by Vneshtorgbank of the projects in manufacturing sectors, participation of the Bank in development programmes for socially important industries and core companies. Under the agreement, co-operative efforts are also intended to create prerequisites for scientific and technological progress in industrial sector of the region based on target-oriented programmes and investment projects.
Subject to the agreement, Vneshtorgbank will provide local administration, companies and entities with a full array of banking services, take part in servicing federal funds and in arranging payments in regional programmes implementation, in particular, in development of agro-industrial and natural resource complexes, as well as small businesses within the Kursk Region, participate in designing foreign trade strategy and in engineering optimal export-import schemes.
The Kursk regional administration, in return, will assist in operation of regional offices of the Bank, invite VTB to implement investment projects, particularly as a financial adviser, provide the Bank with information on resource and industrial capabilities of the region needed for joint efforts, invite the Bank to arrange issuing and placing debt securities of the Kursk regional administration.
During the visit Mr. Kostin held negotiation with the head of the regional administration Alexander Mikhailov, director of the Main Department of the Bank of Russia for the Kursk Region Tatiana Pavlova, met chief executive officers of some leading companies of the Kursk Region such as Metalloinvest Group, Mikhailovski ore-dressing mill, GRINN corporation, Stroiransgaz-Agro,ong others. The negotiating parties expressed interest in output modernisation projects and in exploiting potentialities of the Bank with a view to finance foreign trade contracts.