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News

24.11.2014

EXIAR, URALSIB and Karat increase cooperation in comprehensive export credit insurance

The Russian Agency for Export Credit and Investment Insurance (EXIAR), the Yekaterinburg branch of URALSIB Bank and Karat have signed a trilateral supplementary agreement to the comprehensive export credit insurance contract previously signed between the Agency and the Russian exporter.

Under the terms of the deal, URALSIB financed the Karat's production and subsequent shipment of energy metering devices to one of Kazakhstan's leading high-tech companies. EXIAR insured against the risk of non-payment by the foreign buyer under the export contract.

Comprehensive export credit insurance protects Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. Insurance coverage extends to recurrent shipments of similar goods to customers based abroad, in which payment has been deferred by up to 360 days.

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.

URALSIB Bank is a market leader in Russia, providing a wide range of banking products and services to retail and corporate customers.
As at 1 October 2014, the bank's charter capital was RUB 29.8 billion, with RUB 359.6 billion in assets and RUB 48 billion of its own funds. The bank has been allocated the following ratings from international agencies: В+ from Fitch Ratings, В+ from Standard & Poor’s and В2 from Moody’s Investors Service.
According to Profile magazine, as at 1 September 2014, Uralsib Bank ranked 18th in terms of net worth out of the 200 biggest banks in Russia. The magazine also ranked the bank 11th in terms of deposits made by individuals.
The bank's regional network includes 8 branches, 382 outlets, 2,774 ATMs and 510 payment terminals.

Karat has worked in the energy efficiency market since 1994, and boasts an excellent track record in ensuring dependable heating supplies and sustainable energy consumption. The company manufactures metering devices, and is among Russia's ten leading producers of heat meters. Karat places high value on securing long-term partnerships, and focuses on providing professional support for the instrument pool. With a nationwide network of branches and service centres, Karat has been able to implement major metering and automation projects across Russia and the CIS.

External communications EXIAR