A signing ceremony took place on 22 July in Moscow where a Strategic Partnership Agreement was entered into between Vneshtorgbank and United Heavy Machinery (UHM). Andrey Kostin, President and C.E.O., for Vneshtorgbank (on the right), and Kakha Bendukidze, Director General, for UHM, signed the Agreement.
Under the Agreement, lines of co-operation were outlined between VTB and UHM. The Agreement, in particular, envisages granting by Vneshtorgbank loans to finance UHM`s ongoing business. In addition, Vneshtorgbank will establish a uniform risk exposure limit for transactions with UHM, take part in financing contracts, programmes and projects towards modernisation and retrofitting UHM enterprises (including coverage by foreign export credit agencies), render consulting and information services in banking and finance.
In return, UHM will invite Vneshtorgbank to render banking services in all political subdivisions of the Russian Federation, including regions where UHM operates.
By mutual agreement of the Parties there will be expanded spectrum of banking services to be rendered to the UHM corporate staff.