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Andrey Kostin, President and CEO of Vneshtorgbank, visits the Ulyanovsk region

 
13 May 2005

On May 13, 2005, a delegation of Vneshtorgbank headed by Andrey Kostin, President and CEO, visited the Ulyanovsk region.

Within the framework of the visit, Andrey Kostin had meetings with the region administration and representatives of the regional business community. On top of the agenda were issues of enhancing financial support of the regional administration, enterprises and companies. The agreements reached will result into extending finance to the regional economy by Vneshtorgbank and its branch opened in Ulyanovsk in late 2004. Over this period, Vneshtorgbank's branch has demonstrated high growth dynamics. Starting from the beginning of 2005, its assets have gown fourfold, now among its customers are such large enterprises of the region of Ulyanovsk automobile plant, Ulyanovsk mechanical plant, Ulyanovsk machine building plant, Volzsky motors and some other mid-size enterprises. Andrey Kostin is cited to say that "the very first results of the branch operations prove that enormous opportunities, as well as challenges lie ahead of Vneshtorgbank and its branch in the Ulyanovsk region which is characterized by a well-developed industry and considerable investment potential".

A major outcome of the visit was a Cooperation Agreement reached between Vneshtorgbank and the Ulyanovsk region Administration and signed by Andrey Kostin and Sergey Morozov, Head of the Administration.

The Agreement is aimed at further developing of banking services to be offered to the regional Administration, and at joint implementation of economic, social and financial strategies in the region.

The Agreement also provides for Vneshtorgbank's financing of a number of projects in the regional industry, its participation in development programs of socially vital sectors of industry and network forming enterprises. In full compliance with the Agreement, Vneshtorgbank shall also offer the Administration, enterprises and institutions of the region a full range of banking services, including servicing of export and import operations.

Besides, within the same Agreement Vneshtorgbank and the Administration of the region have also agreed on cooperation in implementing small- and mid-size business support programs in the region, and on Vneshtorgbank's participation in forming and developing Ulyanovsk region securities market.


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