On 5 July 2010, JSC VTB Bank and The Export-Import Bank of Korea, Seoul (Eximbank) signed a Framework Loan Agreement.
The new Agreement is a further step towards development of longstanding relationships between VTB and Eximbank. It will enable the Bank to raise funds worth up to USD 100 mln for a 14-year period for financing Russian-Korean joint projects and extending loans to companies engaged in trade turnover between the Russian Federation and the Republic of Korea.
The Agreement was signed by Gennady Soldatenkov, Deputy Chairman of VTB Management Board and Pyung-Ku Lee, Executive Director and Member of the Management Board of Eximbank.
Gennady Soldatenkov said: “Over the past years, we have witnessed a considerable increase of trade turnover between the two countries. VTB and Eximbank have already gained a pipeline of bilateral projects in the spheres of high technologies, communication and machine building. The new Agreement will help to enhance cooperation between the two countries and will serve an additional stimulus to develop Russian-Korean trade relationships”.
The Export-Import Bank of Korea was established in 1976 as a state bank. Its roles in the Korean economy and banking sector include export credit servicing, and project and trade financing to support Korean businessmen operating in the international market. Nowadays, Eximbank is ranked 447th in the world and 10th in the country (according to Banker’s Almanac). The bank’s representative offices operate in 11 countries including Russia.