On the 19th of November, 2005, within the framework of an official visit of Russian President Vladimir Putin to Republic of Korea, Vneshtorgbank signed a Cooperation Agreement with Korea Exchange Bank.
The Agreement was signed by Andrey Kostin, Chairman and CEO, on behalf of Vneshtorgbank, and Richard F. Wacker, President and CEO, on behalf of Korea Exchange Bank.
The Agreement is designed to forge partnership between Vneshtorgbank and Korea Exchange Bank in order to facilitate banking services for foreign trade turnover between Russian and Republic of Korea. In particular, the Agreement stipulates a wider cooperation in trade finance, including pre-export and project finance. Now that the Agreement is signed, better opportunities will arise for syndicated lending, cooperation in investment sphere and in international capital markets.
Korea Exchange Bank was established in 1967. One of the Bank`s major specialties is foreign trade servicing. Its share in this market segment is about 10%. In terms of assets, Korea Exchange Bank is ranked 174th in the world and 7th in the country.