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EXIAR and Promsvyazbank conclude first export factoring insurance deal

The Russian Agency for Export Credit and Investment Insurance (EXIAR) has, for the first time, provided export factoring insurance to Promsvyazbank for financing a transaction. This is a new product offered by the agency.

Under the deal, Promsvyazbank will allocate RUB 20 million to a company based in Orenburg that exports consumer goods. EXIAR and Promsvyazbank signed the export factoring insurance contract in the second half of June, and the exporter received the first tranche at the end of the month.

Peter Fradkov, CEO of EXIAR: "The agency has worked successfully with Promsvyazbank for some time already, but this deal opens up a new area of cooperation: export factoring insurance. This is a new product for EXIAR, which was developed very recently, and I am glad to report that it is being launched in cooperation with the leaders on the export factoring market, one of which naturally being Promsvyazbank. I firmly believe that this project has great potential."

"For many years, Promsvyazbank has been a leader on the factoring market and a dependable partner for its clients, which consist of legal entities. Cooperation with EXIAR in export factoring provides our clients with new opportunities to grow their business and become more competitive on the international market. The success of the first export factoring deal insured by the agency has ushered in a new stage in the development of this area of Promsvyazbank's business", commented Viktor Nosov, Vice-President and Head of Factoring at Promsvyazbank.

Export factoring covered by insurance from EXIAR is non-recourse, meaning that the exporter is not liable to the bank for failure by the importer to pay for the products delivered. The exporter is fully financed for the cost of such goods. At present, this product is the only one of its kind on the factoring market.

EXIAR and Promsvyazbank have worked in collaboration since 2013, successfully expanding the range of bank products and supporting Russian exporters.

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.

Promsvyazbank was established in Moscow in 1995, and today is one of Russia's leading private banks, with assets totalling RUB 775 billion. As at 1 April 2014 the amount of equity capital under the Basel I framework was RUB 95 billion, according to IFRS data. Promsvyaz Capital B.V. owns 88.25% of the bank's charter capital, with the remaining 11.75% belonging to the European Bank for Reconstruction and Development. The bank has the following credit ratings from international rating agencies: BB from Standard & Poor's (negative outlook), Ba3 from Moody's Investors Service (stable outlook), BB- from Fitch Ratings (stable outlook), and an individual credit rating of AA + from Russia's National Rating Agency. The bank's network in Russia includes over 300 sales outlets as well as a branch in Cyprus and representative offices in Ukraine, China, Kazakhstan and India.

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