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Vneshtorgbank signs a Cooperation Agreement with the Fareast Shipping Line (DVMP)

30 September 2004

On 28 September 2004 in Moscow , Vneshtorgbank and the Fareast Shipping Line signed a Cooperation Agreement defining the fundamental direction of the further development of the existing mutually beneficial partnership between the two Parties.

In particular, the Agreement provides for cooperation in a series of areas, including Vneshtorgbank`s actualisation of a complex of banking services for DVMP, crediting, financing investment projects and business programmes, dealing with its external economic activities, and also rendering consulting and information services for the joint realisation of projects.

The Agreement foresees the participation of Vneshtorgbank in financing programmes for renewing the fleet, renewing and replenishing the container park, actualising leasing operations, and also other DVMP investment projects, including using Vneshtorgbank`s abilities in the field of dealing with international business and export-import operations.

Vneshtorgbank and DVMP are considering the realisation of a series of retail projects, including the use of VTB corporative bank cards, and also the organisation of banking services for members of the enterprise.

As part of the Agreement it is also intended to provide modern technological management of finances in order to improve the effectiveness of DVMP`s operations, and to perfect and develop its international and domestic accounting system.

At the present, as part of the realisation of DVMP`s fleet modernisation programme, Vneshtorgbank has already established a credit limit for carrying out operations with DVMP at 30 million USD, and has given a banking guarantee of almost 24 million USD.  By the end of the year, as part of developing the mutually beneficial cooperation, a further increase of the credit limit and documentary operations between Vneshtorgbank and DVMP is planned.

The Agreement was signed by Vneshtorgbank`s President-Chairman of the Board, Andrey Kostin, and the General Director of the Fareast Shipping Line, Evgenybrosov.

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