EXIAR and Probusinessbank (LIFE Financial Group) sign agreement
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Probusinessbank (LIFE Financial Group) have signed a cooperation agreement. The two organisations will create special lending terms for export-oriented SMEs with EXIAR's insurance coverage. The document was signed by Chairman of the Probusinessbank Board Alexander Zheleznyak and EXIAR CEO Peter Fradkov.
The agreement will enable the bank to increase its lending to exporters by taking advantage of the agency’s insurance coverage against the risk of a borrower's failure to pay back the credit. The bank will therefore be able to increase the amount and duration of financing, thereby helping its clients break onto the international market.
Alexander Zheleznyak, Chairman of the Board of Probusinessbank: "It is extremely difficult for SMEs to successfully enter foreign markets. The state is making every effort to create the best possible business environment in order to diversify the Russian economy, make it more competitive on the world market and ensure economic growth. We are proud that LIFE Financial Group banks are a part of this process.
Peter Fradkov, CEO of EXIAR: "Support for SMEs is a vital task, carrying with it real consequences. SMEs find it hard to enter foreign markets, yet these are where innovative products are developed. Russia has an estimated 35,000 export-oriented SMEs, and this agreement with Probusinessbank marks another step in strengthening the financial support system for exports by SMEs."
Probusinessbank has been assisting clients trade abroad for over 20 years. It offers a wide range of banking services, including loans, cash management, trade finance, confirmed letters of credit, bank guarantees, currency exchange operations, risk management, consultations on currency legislation and much more.
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.
Probusinessbank, established in 1993, is the head bank of the LIFE Financial Group (www.life-group.ru), which brings together eight commercial banks: Probusinessbank (Moscow), Express-Volga (Saratov), Poidyom (Moscow), Gazenergobank (Kaluga), VUZ-Bank (Yekaterinburg), Bank24.ru (Yekaterinburg), National Savings Bank (Ivanovo) and Solidarnost (Samara), as well as the factoring company Life and the Life Bank brand in Ivanovo. The group’s banks serve over 3 million individual clients and 100,000 legal entities. The group has the fourth largest network in the country, consisting of over 800 offices. The President of LIFE Financial Group is Sergey Leontyev The Chairman of the Board of Probusinessbank is Alexander Zheleznyak.