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VTB enhances cooperation with financial institutions of Italy

 
14 March 2007

On 14 March 2007, during a visit by Russian President Vladimir Putin to Italy, VTB Bank signed a loan agreement with Mediobanca and entered into a framework loan agreement with Intesa Sanpaolo SpA.

The agreement with Mediobanca stipulates VTB Bank to raise untied bilateral credit worth EUR 200 million for a 5-year term.

For VTB the agreement was signed by Andrey Kostin, VTB Chairman and CEO, for Mediobanca - Massimo Di Carlo, Deputy Managing Director.
Under the agreement with Intesa Sanpaolo SpA, credit facilities worth EUR 100 million shall be offered to VTB Bank to finance Italian equipment and durables import to Russia under the coverage of export insurance agency, for the period of 11 years.

The agreement was signed by Andrey Kostin, VTB Chairman and CEO, and Corrado Passera, Managing Director and CEO of Intesa Sanpaolo SpA.
The agreements signed will contribute to further cooperation between VTB and the leading banks of Italy, they will also help build on bilateral relationship between Italy and Russia, strengthen VTB competitiveness in foreign trade operations and long-term fund raising for the Russian economy.

For reference:

Mediobanca is a leading investment bank of Italy. In terms of assets approximating EUR 37.3 billion, the bank is ranked 14th in Italy (according to Bankers' Almanac).
S&P international rating agency has awarded the bank the following credit ratings AА-;
A-1+ (long-term/short-term).
Earlier, VTB Bank and Mediobanca signed a loan agreement worth EUR 300 million to finance Italian export to Russia under the coverage of SACE export insurance agency of Italy for a 10-year term. Under the agreement, a number of projects totaling EUR 80.8 million have been realized so far under the SACE insurance coverage.
 
Intesa Sanpaolo SpA is a multi-faceted commercial bank of Italy, servicing over 12 million customers. Intesa Sanpaolo S.p.A. was established in January 2007 through a merger of Banca Intesa S.p.A. and Sanpaolo IMI SpA. In terms of assets approximating EUR 546.5 billion, Intesa Sanpaolo SpA is ranked 2nd nationwide (according to Bankers' Almanac).
International rating agencies have awarded the bank the following credit ratings (long-term/short-term): S&P: AА-; A-1+; Fitch: AA-; F1+; Moody's: Aa3; P-1.


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