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Vneshtorgbank and the Federal Agency for Atomic Energy sign a Cooperation Agreement

15 September 2006

Sergey Kirienko, Head of the Federal Agency for Atomic Energy and Andrey Kostin, Chairman and CEO of Vneshtorgbank

Vneshtorgbank (VTB) and the Federal Agency for Atomic Energy (ROSATOM) signed a Cooperation Agreement specifying major guidelines of developing mutually advantageous partnership between the Parties.

The Agreement provides for VTB and ROSATOM cooperation in implementing current and strategic tasks in atomic field. In particular, the Parties are intent to cooperate in performing Russian international contracts under the projects run by the Agency as well as in federal and target-oriented programs carried out by ROSATOM and its institutions. Also, the Agreement covers joint activities of the Parties aimed at supporting the industry`s production export and its promotion abroad.

The Agreement stipulates for further cooperation development between the Bank and the Agency in settlement and cash services, lending and financing investment project programs run by ROSATOM, including fund raising in international markets. Within the framework of the Agreement Vneshtorgbank will offer the Agency advisory and information services in the sphere of banking and finance, will participate in drafting financial terms and conditions of international contracts to be signed by ROSATOM.

Signing of the Agreement is a further step in VTB cooperation with atomic energy enterprises, which started in 2001. Today, among the customers and the partners of the Bank are Rosenergoatom, Techsnabexport, Atomstroyexport, the largest enterprises of fertile materials, such as the Ural Electrochemical Integrated Plant, Electrochemical Plant, Siberian Chemical Industrial Complex, Angarsk Electrolysis Chemical Complex and others. Total amount of credit limit set for the enterprises exceeds RUR 17 billion.

High-quality integrated services to the atomic enterprises and their staff are offered by VTB branches operating in the largest cities of Russia, such as Yekaterinburg, Irkutsk, Krasnoyarsk, Nizhni Novgorod, Penza, Samara, St. Petersburg, Saratov, Tomsk, Chelyabinsk, and Chita. Besides, for the purpose of prompt servicing, sub-offices are opened in closed zones, such as Zelenogorsk, Seversk, Zarechnoe, Novouralsk, and Trekhgornoe.

Andrey Kostin, Chairman and CEO, and Sergey Kirienko, Head of the Federal Agency for Atomic Energy signed the Agreement.

Citing Andrey Kostin, who addressed the signing ceremony, "Today, Vneshtorgbank is among the leaders in servicing atomic energy industry with its share in some banking services exceeding 50%. Nevertheless, now that  the Agreement is signed new prospects are opened for Vneshtorgbank to foster partnerships with energy companies, which are of strategic importance for the Russian economy. Vneshtorgbank is one of the few Russian banks having enough power to organize effective finance of large-scale projects in atomic industry. Therefore, our enhanced cooperation with ROSATOM is the logic step in contributing to financial soundness of the industry".

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