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A new outlet of Vneshtorgbank starts operating in the Republic of Chechnya

6 July 2005

Vneshtorgbank opened another of its new outlets - a cashier`s desk - in the Chechen village of Khankala. By this act, Vneshtorgbank is set to continue building in the Chechen Republic a modern banking infrastructure, as agreed with the Defense Ministry of the Russian Federation. Settlement and payment card services will primarily be offered to military and civil personnel of the armed forces based in Khankala. Besides, the office will also effect fund transfers, deposit taking and, in the near future, mortgage lending. Presently, Vneshtorgbank has entered into 10 agreements with the Defense Ministry`s armed forces divisions based in Khankala on arranging payroll services. Under these agreements, 765 bankcards have already been issued and another 1000 cards are expected to be issued soon. About 15 thousand people will be serviced through the outlet in Khankala.

Another of Vneshtorgbank`s offices has successfully been operating in Grozny since December 2004. It offers banking services to governmental bodies, enterprises of budget and social spheres, Russian companies working in the Chechen Republic, and to individuals. Through an ATM installed in the Grozny office there were 582 transactions effected in the 2nd quarter of 2005 for the total amount of RUR3.1 million. Vneshtorgbank`s office is also engaged in the payment of compensations to individuals to restore their destroyed housing.

The office in Grozny is now considering different projects aimed at lending enterprises of various types of business. Besides, the Bank is involved in developing the program of small business development and support in the Republic of Chechnya "From Survival to Prosperity". The program targets meet the current demands of the region`s present economy, namely: creating political, legal and economic conditions for a dynamic development of small businesses, increasing their share in the gross regional product.

"The successful performance of Vneshtorgbank`s offices in the Republic of Chechnya is an important step in establishing modern banking infrastructure in Chechnya as an important institute of civil society", - said Andrey Kostin, Vneshtorgbank`s Chairman of the Board and CEO, during his visit to the Republic of Chechnya.

Within the framework of its charitable activities, Vneshtorgbank made a decision to finance the reconstruction works of a mosque in Grozny and Archangel Mikhail`s Orthodox Cathedral, which is one of the best architectural monuments of the town.

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