12 January 2004
A signing ceremony took place on 31 October 2003 where a Co-operation agreement was entered into between the Saint-Petersbourg Government and Vneshtorgbank. Mrs. Valentina Matvienko, Saint-Petersbourg Governor, and Mr. Andrey Kostin, VTB`s President and C.E.O., signed the Agreement.
The Agreement is aimed at expanding financial and banking support to Government agencies, businesses and organisations located in Saint-Petersbourg, and pursuing joint economic, social and financial policy in that city.
Under the Agreement, the Bank will finance manufacturing programmes in favour of most important enterprises for the municipal economy, including projects financed against guarantees issued by the municipal Government, and it also envisages participation of the Bank in designing foreign trade strategy of the city and optimum foreign trade schemes. Moreover, the Bank will promote arrangement and distribution of municipal debt securities, make loans for cutting-edge import deliveries designed for enterprises of the city, including those on financial lease terms.
The Agreement envisages that the Saint-Petersbourg Government will take advantage of the full array of banking services offered by Vneshtorgbank, including handling of export and import transactions, as well as it will invite the Bank to implement municipal investment projects, also as a financial adviser.
Back to the list