EXIAR signs first contract with Credit Bank of Moscow
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Credit Bank of Moscow have concluded their first confirmed letter of credit insurance contract to finance a shipment of heat exchangers to the Republic of Belarus.
Under the agreement, EXIAR has provided confirmed letter of credit insurance, issued by Belarusbank (Belarus) in favour of GEA Mashimpeks (Russia) under the authority of a major Belarus-based agricultural enterprise. Credit Bank of Moscow (Russia) was the confirming and financing bank. Financing has been provided for 1 year.
The terms of the transaction specify that EXIAR will insure credit extended to pay for a shipment of GEA Mashimpeks heat exchangers to the Belarusian importer. The Agency provides insurance services to cover against commercial and political risks.
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.
CREDIT BANK OF MOSCOW (CBM) has been providing banking services on the Russian market since 1992.
It provides a full range of services for both corporate customers and individuals, offering universal products and services to a wide range of consumers. It also develops special programmes tailored to the individual needs and requests of clients. The bank's general licence number is 1978, which was issued by the Bank of Russia on 21 January 2013.
GEA Mashimpeks LLC operates as part of GEA Heat Exchangers and specializes in heat-exchange technologies. The Company is one of the renowned leaders in manufacturing and supply of gasketed, brazed and welded plate heat exchangers, air coolers and special-purpose heat exchangers. Two manufacturing and logistics centers, well-structured sales and service network allows for prompt response to the incoming requests and aftersales maintenance of heat exchange equipment.
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