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Euromoney recognizes Vneshtorgbank the best Russian bank

 
3 August 2005

Vneshtorgbank received an award from Euromoney, a world-known financial magazine, for 2004 as the best bank of Russia. This award is reflective of the Bank's high ranking by international experts for its grown dynamics, and expanded business both in Russian and international markets.

According to Euromoney, Vneshtorgbank's solid competitive edge gained in the Russian banking sector will only benefit from the extended network of its subsidiaries and affiliated located in Russia and West Europe, acquisition of Promstroibank and enhancement of high-yielding retail business caused by a start of subsidiary retail bank, Vneshtorgbank 24.

Under the estimates of Euromoney, Vneshtorgbank's strategic plans are destined to materialize due to its unique positioning in the sphere of long-term fund raising in international markets, in such volumes and under such pricing conditions which are still unattainable to most Russian banks. While time brackets of most of the deals foreign counterparts sign with Russian financial institutions are under 5 years, Vneshtorgbank can raise funds for the period of up to 30 years. In particular, in June 2005, Vneshtorgbank completed placements of the sixth issue of its Eurobonds worth USD 1 billion. Maturity of the issue, being a record long for Russian financial institutions, is 30 years with an early payment option for bondholders exercisable in 10 years.


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