EXIAR and Expobank sign agreement
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Expobank LLC have signed a cooperation agreement on a joint program to implement working capital financing of small- and medium-sized exporters with an annual trade turnover of less than 2 billion rubles.
As part of this program, the bank will provide credit to its exporter clients by allocating them the money they need to fulfill their export contracts. On its side, EXIAR will insure the bank against the risk of nonpayment of these loans.
As part of this cooperation agreement, Expobank will open a $2 million credit line to Zernotrade with insurance coverage provided by EXIAR. Working capital financing will be provided for a period of one and a half years. EXIAR's insurance policy protects the bank against the risk of nonpayment by exporters of the bank's loan due to commercial reasons.
Expobank Deputy Chairman Alexey Fedotkin states, “It is very important for us to establish a strategic partnership with EXIAR. Given the changing market conditions, the agreement we've signed will allow us to combine the bank's financial resources with government support in an appropriate and prompt manner. This speaks to the trust in us as a lending organization and allows us to perform foreign trade operations and deals in our clients’ interests through trade financing mechanisms.”
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 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
Expobank LLC is a dynamic, growing bank that works in the Russian banking sector since 1994 (General License from the Bank of Russia to perform bank operations № 2998 from 06.02.2012). Igor Kim is the primary owner.
Expobank is among the top 30 credit organizations in Russia in terms of net profit. The bank’s primary services are comprehensive service of corporate and wealthy individual clients. The bank specializes in providing bank services, drawing from its extensive experience with successful deals to attract financing, mergers and acquisitions (M&A), as well as business restructuring for Russian and international companies.
The bank’s clients include approximately 7,500 corporate clients and more than 100,000 individuals. Expobank has 19 offices in 11 Russian cities: Moscow, Saint Petersburg, Novosibirsk, Kemerovo, Krasnodar, Yekaterinburg, Perm, Surgut, Krasnoyarsk, Novokuznetsk, and Yakutsk.
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