Otkritie Financial Corporation Bank and EXIAR sign cooperation agreement
Otkritie Financial Corporation Bank and the Russian Agency for Export Credit and Investment Insurance (EXIAR) have signed a cooperation agreement.
The agreement outlines plans to implement a joint programme to lend to export-oriented SMEs, with support provided by EXIAR in the form of export working capital credit insurance. Under the programme – which is limited to exporters with an annual turnover of under RUB 2 billion – the Agency covers up to 70% of the risk of a default on a loan provided to the exporter.
Participants benefit fr om a streamlined underwriting procedure for export working capital loans of up to RUB 20 million for each individual borrower. However, the programme does not specify an upper lim it in terms of the size of the export working capital loan.
By raising finance with EXIAR insurance coverage, SMEs will be able to obtain a pre-export loan for a term of up to two years amounting to 80% of the value of the export contract, secured against recourse to the export earnings specified in the contract.
The aim of Otkritie Financial Corporation Bank’s collaboration with EXIAR is to increase export activity among small and medium-sized enterprises.
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).
Founded in 1993, Otkritie Financial Corporation Bank is the parent company of Otkritie FC Banking Group, the largest privately owned and 4th largest banking group in Russia by total assets according to Interfax-CEA data based on Russian Accounting Standards (RSBU) reporting procedures as at 31 December 2014.
As at 30 September 2014, the group’s total consolidated assets in accordance with the IFRS stood at RUB 1.517 trillion, with proprietary capital of RUB 141.3 billion.
The group includes Otkritie Financial Corporation Bank and Khanty-Mansiysk Otkritie Bank.
The Group is rated Ba3 by Moody’s and BB- by Standard & Poor’s.
The principal shareholder of Otkritie FC Bank is Otkritie Holding (61.49%). The bank’s securities are publicly traded on the Moscow Exchange.
The bank, which was previously called NOMOS-BANK, was given its current name in June 2014.
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