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News

25.12.2014

EXIAR insures Novikombank and Belinvestbank's financing of shipments by Russian automotive manufacturers to Belarus

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank have signed a number of export credit insurance contracts for loans issued to the Belarusian bank Belinvestbank.

Under the documents, EXIAR insured Novikombank's financing of export contracts to deliver vehicles to the Belarusian company RUSAVTOPROM. These included PAZ buses and assembly sets manufactured by Russian Buses (part of Gaz Group), and UAZ vehicles. As part of the deal, Belinvestbank received a loan from Novikombank to subsequently finance the buyer. The deals included insurance from EXIAR against commercial and political risks.

Over RUB 23 million in export credits was covered.

Novikombank and EXIAR have been greatly increasing their level of cooperation, as well as the volume of Russian export finance insured by the Agency. EXIAR and Novikombank have worked in close collaboration since 2012. Over that time, they have completed 29 transactions to finance Russian exporters and foreign buyers of Russian products worth a total of over USD 110 million.

Export Insurance Agency of Russia (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. EXIAR holds a charter capital of RUB 30 billion. Eximbank of Russia is a subsidiary of EXIAR.

Novikombank was established in 1993. Rostec State Corporation owns 58.68% of the bank's charter capital. Novikombank specialises in banking services across all segments of the financial market. The bank's chief priority is the financing of the real sector. Novikombank's customers include the country's leading high-tech, engineering, and automotive companies. The bank's corporate loan portfolio is in excess of RUB 100 billion. On 17 December 2014, the total value of Novikombank's capital reached RUB 31.3 billion. Novikombank is successfully developing the Bank for Banks Programme and is a base bank of the CIS and the Customs Union.

Belinvestbank is one of the largest state banks in the Republic of Belarus (coming fourth in terms of assets, capital, and credit portfolio size). The bank focuses on implementing the main aspects of the state's monetary policy and providing the best possible services for their clients, whether they be individuals, SMEs or major companies. As at 1 January 2014 the bank's assets amounted to USD 2.6 billion, with a capital of USD 323 million. It had issued USD 1.6 billion in credit, and earned USD 32 million in net profit. Belinvestbank has a vast branch network across the country, with approximately 200 offices and subdivisions. The bank also has an office in the Republic of Poland.

External Communications EXIAR