Alfa-Bank finances first transaction under insurance coverage from EXIAR
Alfa-Bank has completed its first transaction involving support from the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Under the terms of the deal, Alfa-Bank has provided financing to Aviahelp Group worth USD 2 million. EXIAR insured exports of parts for Russian and foreign-made aircraft.
"The establishment of the new Russian export credit agency means that our clients will be able to take advantage of a broader range of financial solutions and optimise their business processes", commented Dmitry Minaev, Managing Director of International Trade Finance, Alfa-Bank's international and trade financing division. "We are planning to actively continue developing our cooperation with EXIAR, and thereby contribute to the promotion of Russian products in foreign markets."
Alfa-Bank is one of the largest Russian banks in the trade financing sector. Thanks to professional and serious partners in the international market, the bank is able to offer Russian clients convenient and beneficial financing solutions for their import-export operations. These include the option for 10-year financing with the participation of export credit agencies.
The bank's current trade financing transaction portfolio, which includes projects in 25 regions, is worth over USD 2 billion.
In 2013, Trade Finance magazine included the bank in its top five ranking, making it the only Russian bank to be assessed so highly by the respected British publication.
Alfa-Bank was established in 1990. It is a universal bank, operating in all segments of the banking sphere and providing financial services to the market, including for private and corporate clients. It also operates in investment banking, leasing, and trade and structured financing.
According to IFRS data, for the first half of 2013 the Group's total assets (comprising Alfa-Bank and its financial subsidiaries) amounted to USD 45.4 billion, with a collective credit portfolio of USD 33 billion and total capital of USD 4.5 billion. Net profit for the first half of 2013 amounted to USD 479 million.
As at 1 July 2013, Alfa-Bank's corporate clients numbered approximately 103,500, in addition to 9.6 million private customers. Across Moscow, Russia and abroad, 552 branches and affiliates have been opened, including a subsidiary bank in the Netherlands and financial subsidiaries in the US, UK and Cyprus.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.