EXIAR to insure Novikombank financing of UAZ shipments to Belarus
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Novikombank JSCB have signed insurance policies to cover export loans issued to the Belarussian bank, Belinvestbank.
Novikombank provided Belinvestbank with special financing for two deals to the tune of 29.7 million rubles, designated for RusAvtoProm OOO’s payment for UAZ automobiles manufactured at the Ulyanovsk Automobile Plant. EXIAR has insured against commercial and political risks associated with the deals.
Novikombank and EXIAR are ramping up the development of their cooperation and the volume of financing for Russian exports insured by EXIAR. Since EXIAR and Novikombank began their partnership, 40 deals — totaling $115 million — have been made to finance purchasers of Russian products abroad and Russian exporters alike.
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 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).
Novikombank JSCB was established in 1993. 58.68% of the bank’s authorized capital belongs to State Corporation Rostec. Novikombank specializes in providing banking services in all segments of the finance market. The bank’s main activity focuses on financing the real sector of the economy. Novikombank’s clients include leading companies in the hi-tech industry, machine manufacturing, the automobile industry, and others. As of July 1, 2015, the bank’s capital consisted of over 39 billion rubles, with assets amounting to more than 253 billion rubles. Novikombank is one of Russia’s 35 largest banks.
State Corporate Rostec is a Russian company that was created in 2007 to promote the development, production, and export of hi-tech industrial products for civil and military purposes. It is comprised of more than 700 organizations. Among these organizations, 9 holding companies have been formed in the military-industrial complex; 5 in the civil industrial sector; and, 22 directly manage themselves. Rostec’s portfolio includes such famous brands as AvtoVAZ, Kamaz, Vertolety Rossii (Russian Helicopters), VSMPO-AVISMA, and more. Organizations in Rostec are located in 60 regions of Russia and supply products to more than 70 countries. Rostec’s earnings for 2013 totaled 1.04 trillion rubles. The company’s tax contributions to federal, regional, and local budgets exceeded 138 billion rubles.
Belinvestbank is among Belarus’ largest state banks (the fourth largest in terms of assets and capital and credit portfolio volume). The bank’s activities aim to perform the state’s primary monetary and credit policy initiatives. The bank also works to improve the effectiveness of working with clients: individuals, small- and medium-size business owners, and large corporations. As of April 1, 2015, the bank’s assets totaled $2.3 billion; its capital amounted to $255 billion, and had a loan volume of $1.4 billion. Belinvestbank has a wide-ranging network throughout Belarus, with over 200 branches and sub-branches. The bank also has an office in Poland.
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