EXIAR insures shipments of GAZ vehicles to Uzbekistan
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank (Russia) have concluded a confirmed letter of credit insurance contract for payment of shipments of GAZ vehicles and accessories to the Republic of Uzbekistan.
Under the agreement, EXIAR has provided confirmed letter of credit insurance issued by Invest Finance Bank on behalf of GAZ Group Commercial Vehicles under the authority of AIR BUSINESS CONSULTING (Uzbekistan). Novikombank was the confirming and financing bank.
The insurance product is intended to protect a Russian bank confirming letters of credit from the risk of non-payment due to commercial and/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 institute, providing clients with a full range of banking services. The bank focuses on providing financing to Russian industrial companies, including those operating in the defence industry, the car industry, and the high-tech industry. As at 1 October 2013, the bank's capital was RUB 18.4 billion, with RUB 152.1 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.
Invest Finance Bank was established in 2007. Today, the bank is one of the top fast-growing private banks in the Republic of Uzbekistan, and provides its clients with a full range of banking services. The bank's main focus is on financing private enterprises and small businesses. As at 1 November 2013, the bank's capital was USD 23 million, with USD 195 million in assets. It is among the top 20 largest banks in the Republic of Uzbekistan.
Gaz Group is the largest commercial vehicle manufacturer in Russia, producing light-, medium- and heavy-duty trucks, buses and coaches, cars, powertrain and auto components. The group is comprised of 13 enterprises in eight regions in Russia, and is the country's market leader in commercial transport, with 50% market share of the LCV market, and approximately 65% market share of buses and coaches.