Negotiations conducted between Urals Bank for Reconstruction and Development (UBRD) and VTB Bank Deutschland AG Frankfurt/Main (Germany) resulted in the confirmation of a €7 mln credit line to be opened to UBRD, the latter’s press service reported Thursday. This is the largest limit opened by a partner bank for the lending institution from the Urals region to service import letters of credit. VTB Bank Deutschland representatives said their company is interested in funding trade operations of UBRD clients.
Thanks to the arrangements made by the parties, regional businesses, UBRD clients, will gain access to cheaper credit resources through the mechanism of guarantees and letters of credit. “As long as the real sectors of the economy suffer a short liquidity, new opportunities of funding foreign trade operations should drive business activity at Urals-based enterprises and simplify the financial component of transactions to purchase raw material and equipment abroad," UBRD vice president and finance director Anton Soloviev emphasized.
According to the data from Banki.ru and news agency Interfax-CEA, as of January 1, 2009 net assets of UBRD totaled Rub 50.2 bln (66th place in Russia). The lending institution is a member of the national deposit insurance system.
