Euromoney, a British financial magazine of authority, granted its "Euromoney award for best financial borrower - Emerging Europe" to Vneshtorgbank.
Vneshtorgbank is a recognized leader among the Russian lending institutions in terms of borrowing on international money markets. In 2004, Vneshtorgbank`s share in the total foreign borrowings of the domestic banking system approximated to 20%. The aggregate amount of foreign borrowings made over this period reached $2,580 million.
In 2005, Vneshtorgbank continued to make large borrowings; in particular, the Bank raised a US$750 million subordinated loan to enhance its capital base.
Also, Vneshtorgbank plans to enlarge the volume of borrowing on the domestic market: to place RUR30 billion interest-bearing documentary bond payable to bearer on the Russian money market.
The Euromoney award presented to Vneshtorgbank is reflective of the Bank`s recognition in the global business community and of wide opportunities for Vneshtorgbank to raise funds to be channeled into the Russian economy.