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25.11.2014

EXIAR insures export of car tyres to Uzbekistan

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank have signed a confirmed letter of credit insurance contract for the payment of shipments of Russian-manufactured car tyres to Uzbekistan.

Novikombank was the confirming and financing bank for the letter of credit, issued by Invest Finance Bank (Uzbekistan) for use by KAMA Trading House (Russia) on behalf of its client. As part of the deal, EXIAR provided insurance coverage against the issuing bank's failure to indemnify Novikombank.

Confirmed letter of credit insurance is a product offered by EXIAR which is intended to protect a Russian bank confirming letters of credit from the risk of non-payment due to commercial or political reasons from the issuing bank under a letter of credit.

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.

Novikombank was established in 1993. Today it is a stable and fast-growing financial institution, providing clients with a full range of banking services. Novikombank is the base bank of Rostec, and focuses on providing financing to Russian industrial companies, including those operating in high-tech industries, aviation, and the car industry. As at 1 October 2014, the bank's capital was over RUB 23 billion, with over RUB 203 billion in assets. Novikombank is among the top 40 largest Russian banks, is a base bank in the CIS and Customs Union, and is successfully developing the 'Bank for Banks' programme.

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