VTB Bank has signed a framework loan agreement with Banco Español de Crédito (Banesto) on attracting funds under foreign trade contracts of VTB customers.
According to the agreement, VTB was granted with a short-term credit facility in US Dollars, Euros and other currencies to finance export and import transactions of large VTB customers in Russia.
Expanded cooperation with one of the largest Spanish banks will let VTB boost financing of export and import transactions of Russian real economy enterprises, strengthen the Bank’s competitiveness in servicing international transactions and contribute to further interaction with Spanish financial institutions.
Under the agreement, the first 1 year transaction on financing contracts of VTB customers with Spanish exporters in the amount of USD 50 million was performed in early August.
Universal commercial bank Banco Español de Crédito S.A. (Banesto) was established in 1902. It is 89% owned by the largest Spanish bank Banco Santander S.A., but runs its business independently. The bank has 1 952 offices in Spain, a branch in the USA and a representative office in Mexico. It ranks No. 5in Spain and No. 124 in the world in terms of assets (according to Banker’s Almanac).
The bank was assigned the following credit ratings: Fitch Ratings: AA; Moody’s: A2; S&P: AA