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Vneshtorgbank enters a Cooperation Agreement with the Russian Hotel Association

20 June 2005

Vneshtorgbank and the Russian Hotel Association (RHA) entered a Cooperation Agreement. Signed by Vneshtorgbank's Vice President Igor Zavyalov and President of the RHA Ravil Yulgushev, the Agreement is aimed at enhancing mutually reinforcing relations between Vneshtorgbank and hotel businesses.

Presently, Vneshtorgbank places a special emphasis on its operations in the hotel sphere offering banking products and settlement services to numerous hotel businesses. The Bank is also actively involved in financing hotel construction and reconstruction projects.

Under the Agreement, Vneshtorgbank will provide the RHA and its corporate members with a wide range of financial services including comprehensive banking services, financial support of their current operations, as well as leading-edge technologies for cash management.

In its turn, the RHA will be able to resort to Vneshtorgbank's expertise in arranging finance for investment projects, including assistance in finding strategic and financial investors, fund raising, as well as in drafting financial terms and conditions of the RHA's cooperation with foreign partners.

Moreover, Vneshtorgbank and the RHA plan to hold regular consultations on future trends and tendencies in hotel market development and its participants' demands for financial services, including new banking products.

Since there is a shortage of hotel accommodations meeting modern standards of comfort, the extension of VTB operations contributing to the implementation of various hotel projects and increasing the safety and stability of settlements in the hotel sphere will be of strategic importance for the development of the country's hotel market.

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