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Vneshtorgbank reinforces cooperation with banks of the People's Republic of China

19 January 2005

Aspiring to further enhance its partnership with Chinese banks, Vneshtorgbank has launched financing the projects of its Khabarovsk branch customers aimed at renovation of river-sea ships in the People`s Republic of China totaling USD 4 million.

When structuring the deals, a discount scheme for a letter of credit issued by Vneshtorgbank was applied providing a 3-year deferred payment.

The letter of credit was discounted by Agricultural Bank of China with no coverage from SINOSURE, Chinese state-run export credit agency. More importantly, this is the first forfeiting deal between a Russian bank and a Chinese bank to finance import of goods and services from the People`s Republic of China for longer than a year term.

The deal reaffirmed the high-profile reputation gained by VTB on the Asian markets, which are regarded to be most conservative in taking direct risks associated with Russian banks.

Internationally accepted trade finance instruments applied in day-to-day practice will certainly promote bilateral trade between Russia and China, both in terms of volume and growth rate.

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