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Vneshtorgbank forges cooperation with financial institutions of Spain

 
9 February 2006

On February 9, 2006, during a visit by Russian President Vladimir Putin to Spain, Vneshtorgbank signed a framework loan agreement with Banco Espanol de Credito S.A. (Banesto, in short).

Under the Agreement, credit facilities worth Euro 100 million shall be offered to Vneshtorgbank to finance Spanish equipment and durables import to Russia under the coverage of CESCE, an export credit insurance agency of Spain, for 8.5 years.

For Vneshtorgbank, the Agreement was signed by Andrey Kostin, Chairman and CEO, for Banesto - by Jose Garcia Cantera, Executive Vice President, and Jaime Ybarra Loring, Deputy General Director.

Earlier, Vneshtorgbank signed similar loan agreements with such Spanish banks as Banco Santander Central Hispano S.A., and Banco Bilbao Vizcaya Argentaria S.A., as well as entered into a cooperation agreement with CESCE export credit insurance agency of Spain.

For reference:

Banesto is a multi-faceted commercial bank with 88% of its shares belonging to a major bank of Spain - Banco Santander Central Hispano S.A.

In terms of assets approximating Euro 84 billion, Banesto is currently ranked 5th in Spain and 125th in the world (according to Bankers` Almanac).

International rating agencies have awarded the Bank with the following credit ratings (long-term/short-term): S&P: A+; A-1; and Fitch: AA-; F1+.


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