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Cooperation Agreement signed by Vneshtorgbank and Transmashholding

 
12 April 2005

Vneshtorgbank and CJSC «Transmashholding» entered into a Cooperation Agreement signed by Igor Zavyalov, Vneshtorgbank Deputy Chairman, and Dmitry Komissarov, Chairman of Transmashholding. The Agreement is aimed at enhancing the ongoing and mutually encouraging partnership between VTB and the Holding.

Under the Agreement, Vneshtorgbank will offer Transmashholding a wide spectrum of financial services, including comprehensive banking services, leasing, and financing for development programs which imply, among other things, modernization and technical overhaul of railway machine-building enterprises forming part of the Holding. Besides, Vneshtorgbank is set to promote the development of interior settlement system and to introduce modern technologies of finance management to further increase the efficiency of the Holding performance.

Within the framework of the Agreement, Transmashholding will also be able to resort to Vneshtorgbank’s expertise to analyze and arrange finance for its investment projects. To fully meet current and investment demands of the Holding for loans, Vneshtorgbank will use limits in the sphere of export and pre-export finance and documentary deals, opened to VTB by foreign lending institutions, including those covered by state export credit insurance agencies.

In full compliance with the Agreement and the corresponding Action Plan the parties will also jointly consider other cooperation prospects, such as banking services for the holding enterprises staff, including payroll services, consumer and mortgage loans, term deposits and others.


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