UBRD Signs $5.3m Contract with Commerzbank AG

24 August 2012 (09:51)

On August 17, 2012, the Ural Bank for Reconstruction & Development signed a $5.3m lending agreement wiht the German Commerzbank AG, Frankfurt for a six-year period, the bank’s press service reports.

The crediting resources offered are guaranteed by the German export credit agency Euler Hermes and are meant for the purchase of 270 ATMs manufactured by Wincor Nixdorf, the bank’s long-time partner. The agreement means the UBRD is getting more active on the international markets and enjoys great trust among its foreign partners.

The UBRD is currently focused on expanding its ATM network in order to expand and improve its position on the national scale and to ensure great quality of service for its customers.

‘The agreement we signed with Commerzbank AG means we can buy a large number of ATMs without resorting to the bank’s own funds, which are currently needed for our active expansion. This solution will allow the UBRD to diversify its own base and to reduce the cost of funding,’ says the bank’s International Business Director Sergey Sisoshvili.

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