Vneshtorgbank has signed framework credit agreement with Bank Hapoalim B.M., the largest bank of Israel.
According to terms of the agreement Israeli bank will open a credit line in favor of Vneshtorgbank to finance contracts to supply Russia with goods and services from Israel.
The 85% of the import contracts value in Euros or in United States Dollars will be financed within the credit line providing that IFTRIC, the export national insurance agency of Israel, effects insurance coverage of the deal.
This agreement is the next step in implementation of Vneshtorgbank strategy to raise funds in international markets of resources to finance its business relations with countries v traditional business partners of Russia.
Bank Hapoalim is ranked number one in Israel in terms of its assets and number 156 in the world. The Bank has a vast branch network in Israel as well as subsidiary banks and representative offices abroad. As per 31 December, 2004, assets of the Bankount to 58 billion United States Dollars, capital: 3.2 billion United States Dollars, and profit: 308 million United States Dollars.