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UniCredit Bank and EXIAR signed a Cooperation Agreement

UniCredit Bank is the first foreign bank to establish strategic partnership with EXIAR

On February 17, 2014, UniCredit Bank and Russian Agency for Export Credit and Investment Insurance (EXIAR) concluded a strategic Cooperation Agreement. The document was signed by Mikhail Alekseev, Chairman of the Management Board of ZAO UniCredit Bank, and Petr Fradkov, CEO of EXIAR, in presence of Federico Ghizzoni, CEO of UniCredit Group. The agreement is the first to be signed by EXIAR with a foreign bank operating in Russia.

According to the document, the main areas of cooperation between EXIAR and UniCredit Bank will be provision of financing secured by EXIAR’s insurance coverage of export contracts of Russia’s leading producers, including manufacturers of high-tech products, and support of foreign investments of Russian companies. UniCredit Bank will provide different services for export promotion, such as extending loans to foreign customers and their servicing banks, pre-export financing, trade finance transactions, as well as financing of deferred payment provided under export contracts. EXIAR will insure all the above transactions against commercial and political risks.

Procurement of financing secured by the Agency will allow enterprises to raise funds for quite a long term (from 5 years and over) while reducing the cost of debt service. The main goal is to support domestic exporters in the course of production and sale of their products in external markets.

Federico Ghizzoni, CEO of UniCredit Group, said, “We are proud to be the first foreign bank operating in Russia to establish a strategic partnership with EXIAR. This reflects the recognition of UniCredit’s unique capabilities and international experience in such important sphere as Export Finance involving support of the National Export Credit Agency. The banks being part of UniCredit Group have been successfully operating in international export finance business for over 50 years executing a wide range of transactions with the support of export credit agencies in the single countries for the benefit of their clients; and we are glad to congratulate our colleagues from Russian UniCredit Bank on the start of activities in this area and to share the many years’ experience we have in managing such projects.”

“We launched the new product - Export Financing under EXIAR cover in the end of 2013, and now we can already see high demand for this banking service existing among our customers engaged in export activities. The agreement signed with EXIAR today will allow us to extend the range of products for our clients and to provide services necessary for successful international operations under current market conditions. According to the first preliminary indicators of our corporate clients demand we can expect to achieve the amount of financing of export related transactions up to EUR 1 billion in the medium term perspective,” Mikhail Alekseev, Chairman of the Management Board of UniCredit Bank, added.

Petr Fradkov, CEO of EXIAR, underlined, “Signature of the partnership agreement with the biggest foreign bank in Russia is a next step in strengthening a system of financial support for exports in our country, secured by EXIAR’s insurance coverage. We are counting on the efficient cooperation with UniCredit Bank in this field, which will ensure additional opportunities and support for Russian exporters.”

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.

UniCredit Bank is a Russian commercial bank, operating in Russia since 1989. Ranked 8th by total assets based on H1 2013 results (Interfax-100 ranking), UniCredit Bank is the largest foreign bank in Russia. UniCredit Bank is fully owned (100%) by UniCredit Bank Austria AG, Vienna, Austria, member of UniCredit. The Bank benefits from its strong position in the large Russian corporate finance market and sustainable retail banking business. UniCredit Bank operates under General Banking License №1 of Central Bank of the Russian Federation.

UniCredit is a leading European commercial bank with strong roots in 20 countries. Our overall global network embraces approximately 50 markets with nearly 9,080 branches and more than 150,000 employees (as of 30 June 2013). In the CEE Region, UniCredit runs the largest and most diversified international banking network with more than 3,600 branches (Poland included). The Group operates in Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine (as of 30 June 2013).

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