On 19 May 2010, JSC VTB Bank and UBS AG Switzerland signed a framework loan agreement worth CHF 250 million.
Under the agreement, UBS AG will provide VTB with long-term financing in Swiss francs, US dollars and euros. The funds will be channeled to finance purchases of goods and services by Russian importers from Switzerland and other countries under the guarantees of national export insurance agencies.
Presently, VTB is considering a number of projects of Russian importers to be financed under this facility.
The agreement with UBS AG enhances VTB opportunities to raise funds in the international markets to support and develop Russian import companies.
UBS AG is ranked 1st in Switzerland in terms of assets and is among the ten largest world banks. It has a diversified branch network throughout the world.