Select your city:
Moscow

VTB Bank call center

+7 (800) 200-77-99
+7 (495) 739-77-99
For general information and enquiries

VTB Bank expands cooperation with Export Insurance Agency

 
15 April 2013

Petr Fradkov and Andrey Kostin

On April 15, 2013, VTB Bank and Russia’s Export Insurance Agency signed a strategic cooperation agreement. The document was signed by VTB Bank President and Chairman of the Management Board Andrey Kostin and EXIAR Chief Executive Officer Petr Fradkov.

Under the agreement, the partners will provide financial support and insurance to Russian exporters totalling at least RUB 100 billion.

VTB and EXIAR have agreed to finance export deals of Russia’s leading suppliers of high-tech products, with the amounts extended to be secured by the Agency. They will also develop project financing with regard to Russian companies operating abroad.

VTB will provide financing to foreign customers and their banks, issue pre-export financing and conduct export-import transactions, as well as finance deferred payment contracts. EXIAR will insure all the above transactions against commercial and political risks.

VTB and EXIAR will also provide financial support and insurance to Russian SMEs to promote their high-tech products outside Russia.

“VTB is the first Russian bank to establish a long-term partnership with the Export Insurance Agency,” Mr Kostin said. “This reflects the vast potential of our cooperation as well as recognition of VTB’s unique capabilities in implementing the government programme to support and stimulate exports. This partnership with EXIAR will help the bank expand the market for its trade finance and export deals to emerging economies, which are often prone to political and economic risks but are important markets for Russian companies’ products.”

“Cooperation with VTB is an important stage in creating a modern export support system in Russia, secured by EXIAR,” Mr Fradkov said. “This is a clear signal to Russian banks that they can benefit from developing export financing as a separate business, which will also promote Russian exports in foreign markets.” 

For reference:

VTB Bank and its subsidiaries comprise a leading Russian financial group offering a wide range of banking services in Russia, the CIS, Western Europe, North America, Asia and Africa. The group’s sales network includes offices in Russia, the CIS and Europ

In Russia, the group operates through a parent bank (VTB Bank) and five subsidiaries, including the largest ones – VTB 24, Bank of Moscow and TransCreditBank.

The group operates outside Russia through 15 foreign subsidiaries located in the CIS countries (Armenia, Ukraine (two banks), Belarus (two banks), Kazakhstan and Azerbaijan), Europe (Austria, Cyprus, Germany, France, UK and Serbia), Georgia, and Africa (Angola), as well as two representative offices in Italy and China, two VTB branches in China and India, and five VTB Capital branches in Singapore, Dubai, Sofia, Hong Kong and New York.

As of 30 September 2012, VTB Group was the second largest financial group in Russia in terms of assets (RUB 7,184.7billion) and client funds (RUB 3,521.8 billion). The Russian government is the majority shareholder, owning 75.5% of VTB’s share capital through its State Property Management Agency.

More information is available at: www.vtb.ru

Russia’s Export Insurance Agency (EXIAR) was established in October 2011 to support and promote high-tech exports by insuring credit and political risks of export loans and insuring Russian investments abroad against political risks. Vnesheconombank (VEB) is its sole shareholder. The agency’s share capital is RUB 30 billion.

Back to the list



VTB group news subscribe
  • E-mail subscribe
  • RSS lent
    Subscribe
    Subscribe
Download the list of cities.....