Novikombank and Belinvestbank sign first deals with insurance coverage from EXIAR
Novikombank and Belinvestbank have completed their first Russian export financing deal covered by the Russian Agency for Export Credit and Investment Insurance (EXIAR).
Under the documents, EXIAR insured a Novikombank's financing of two contracts to deliver vehicles to the Belarusian company RUSAVTOPROM. These included assembly sets of PAZ-32053 buses manufactured by Russian Buses (part of Gaz Group), and UAZ vehicles. As part of the deal, Belinvestbank received a loan from Novikombank for the purposes of further financing of the buyer.
Novikombank and EXIAR have been greatly increasing their level of cooperation, as well as the volume of Russian export finance insured by the Agency. Today, the total volume of EXIAR-insured loans extended to banks or direct buyers of Russian products based in neighbouring countries has exceeded USD 110 million.
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. 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. As at 1 July 2014, its capital amounted to RUB 22.1 billion, with assets of RUB 207.6 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.
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