EXIAR and Bank Saint Petersburg develop exporters support cooperation
The Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group) and Bank Saint Petersburg have agreed to a new working capital financing insurance policy.
Under the agreement, EXIAR will insure a RUB 85 million loan from Narvsky (a subsidiary of Bank Saint Petersburg) to TransTechnoMarket, LLC, aimed at developing export operations in Asia and Africa. The policy insures 70% of the loan.
Bank Saint Petersburg and EXIAR have been partners since signing a partnership agreement in 2014.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports and investments abroad by insuring export credits against commercial and political risks. The Russian Export Center is EXIAR’s sole shareholder. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
Bank Saint Petersburg was founded in 1990 and is one of Russia’s largest regional banks. The Bank operates in Saint Petersburg, the Leningrad Region, Moscow, and Kaliningrad. The Bank’s annual financial report shows that it has remained strong and stable throughout the last decade in all major financial service markets. The Bank’s focus areas are in loans, current accounts, services for legal and individual parties, foreign exchange, interbank loans, and securities. The Bank possesses its own processing center, which allows it to maintain and service plastic cards at the highest level of standards.