JSC VTB Bank has provided two guarantees totaling USD 18.7 million to Indonesian bank PT Bank Mandiri (Persero) Tbk under the export contract of JSC "Information Satellite Systems" Reshetnev Company", which is the largest Russian space enterprise.
Acting within the contract signed with Telekomunikasi Indonesia Tbk, the enterprise will export TELCOM-3, a satellite system to Indonesia.
VTB Branch in Krasnoyarsk, which traditionally renders a whole range of financial services to large and medium-sized customers, provides settlement and cash services, issuance of guarantees and export deal passport servicing.
The deal is another step to develop cooperation between the Bank and space enterprises. It is further evidence of international creditors' confidence in VTB and the Bank's reliable reputation in the international scene.
JSC "Information Satellite Systems" Reshetnev Company" (JSC "ISS") is a leading Russian designer and producer of satellites for such spheres as communication, TV broadcasting, navigation and geodesy. 100 % of JSC "ISS" shares are owned by the Federal Property Agency.
Nowadays, the company produces approximately two thirds of all Russian satellites (as of 1 July 2008, Russian orbital constellation is 100 units). Totally, the enterprise has designed and produced about 40 types of space vehicles and antennae; and over 1,160 satellites. In 2008, the enterprise fully met its annual obligations under the Federal program "Global Navigational System" (6 GLONASS-M satellites).