EXIAR insures loan by TransKapitalBank for GAZ vehicle exports to Nicaragua
The Russian Agency for Export Credit and Investment Insurance (EXIAR) – part of the Russian Export Center Group –and TransKapitalBank have agreed to a working capital financing insurance policy.
As part of this agreement, EXIAR has insures a loan provided by TransKapitalBank to Russian exporter Echo-Export LLC. The exporter began shipping GAZ vehicles to Nicaragua. This is the TransKapitalBank's first deal in partnership with EXIAR to finance Russian exports to Latin American countries.
Working capital financing insurance is intended to make financing for Russian SME exporters more accessible and incorporates an expedited review process by EXIAR. Before the policy was agreed to, TransKapitalBank and EXIAR signed an Agreement on the Creation and Implementation of a Program to finance export-oriented SME and other small exporters.
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. The Russian Export Center is the sole shareholder of EXIAR since the 10th of December, 2015. 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.
TransKapitalBank is a full-service bank that offers a wide range of banking services to legal entities and individuals in 20 regions around Russia. TransKapitalBank is one of the 50 largest banks in Russia in terms of assets and shareholders' equity. The bank currently possesses over RUB 210 billion worth of assets and more than RUB 28 billion in equity. The bank’s primary shareholders are: top management (55%); the European Bank for Reconstruction and Development (28.59%); German investment company DEG (9.14%); and, the International Finance Corporation (7.7%). The bank has an international credit rating of B1 by Moody's Investors Service. The bank’s primary activities center on financing large corporate clients, small- and medium-sized businesses, home mortgages, as well as checking and savings services for individuals and legal entities. One of its new focuses is the formation of the forum "A Bank for Banks" for financial institutions in the Eurasian Economic Union and the CIS. The program offers a comprehensive approach to creating a line of products that includes checking, treasury operations, trade finance instruments, and the ability to organize syndicated loans. Financing for Russian exports, with insurance coverage provided by EXIAR, is one of the bank’s most popular products.