Vneshtorgbank agreed on co-operation with Dresdner Bank
5 November 2003
A signing ceremony was held at the Vneshtorgbank`s headquarters in Moscow on 8 October 2003, where a Co-operation agreement was entered into between Vneshtorgbank and Dresdner Bank AG.
Andrey Kostin, President and C.E.O., for Vneshtorgbank, and Joachim Bruckner, Director of the Main Department for International Business Development, for Dresdner Bank AG, signed the Agreement.
Under the Agreement, partnership of the two leading Russian and German banking institutions will be developed along many lines of banking business with a view to foster mutual trade turnover between Russia and Germany. Besides financing cross border trade, the Agreement also envisages joint implementation by the two banks of investment projects in favour of Russian and German companies.
Under arrangements reached within the framework of the Agreement, Vneshtorgbank and Dresdner Bank AG are intended to substantially expand the existing spectrum of services in funding deliveries of industrial plant equipment, goods and services imported from Germany and other countries. Vneshtorgbank and its customers (against the VTB guarantee) will be able to take medium-term and long-term loans from Dresdner Bank AG on favourable international market terms, and no guarantees will be required from the Russian Government. While implementing joint projects by Vneshtorgbank and Dresdner Bank AG, insurance coverage will be granted by Hermes, German export credit agency, and export credit agencies in relevant countries.
The signing of the Agreement has become a further step forward in implementing by Vneshtorgbank its strategy towards expansion of funding opportunities for procurements of industrial plant equipment, goods and services imported by Russian companies on a long-term lending basis.
For reference: Dresdner Bank AG is a universal commercial bank with a broadly-developed branch network (over 800 Germany-based branches) and subsidiaries outside Germany (in Russia, Eastern and Central Europe, Latinerica, USA and Canada). It is the forth bank in Germany and 21st world-wide in terms of total assets.
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