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Vneshtorgbank and the Government of Leningradskaya oblast sign a cooperation agreement

13 October 2005

On 13 October 2005,  Andrey Kostin, Chairman and CEO of Vneshtorgbank, visited the Leningradskaya oblast. During the visit a Cooperation Agreement was signed between Vneshtorgbank and the Government of Leningradskaya oblast aimed at promoting mutually advantageous financial and economic relationship.

Under the Agreement, Vneshtorgbank shall provide the local authorities, enterprises and institutions of the oblast with a full range of banking services, participate in settling payments under the local programs, support the local entrepreneurships and launch new working places on the territory of the Leningradskaya oblast. Recognizing the necessity to enhance mutually enriching and equal relations, Vneshtorgbank and the Government of Leningradskaya oblast have agreed to implement a complex of measures to promote cooperation in the investment sphere. In particular, the Agreement stipulates Vneshtorgbank`s participation in financing investment projects designed to upgrade the economic performance of the oblast and support the formation and development of securities market in the Leningradskaya oblast.

The Agreement was signed by Valery Serdyukov, the Governor of the Leningradskaya oblast, and Andrey Kostin, Chairman and CEO of Vneshtorgbank.

"Presently, we have about 40 agreements signed with municipalities from different regions of Russia, which is in line with Vneshtorgbank`s development concept as a network bank of the federal dimension" - said Andrey Kostin addressing the audience at the signing ceremony. "For us, Leningradskaya oblast is one of the priority regions, therefore signing this Agreement is a further step in implementing our policy of enhancing the Bank`s presence in the region having a considerable industrial potential. In future, the role of Vneshtorgbank in financing the oblast`s economy will continue to increase, given the Bank`s participation in the capital of Promstroybank (St. Petersburg) " - Andrey Kostin added.

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