URSA Bank strikes two trade financing deals

URSA Bank completed two trade financing transactions worth $4.4m in February 2008. Firstly, the bank received $1.4m for a term of one year from Bank of Montreal (BMO Group, Canada) in order to finance the import contracts of a Tomsk-based trading firm. Secondly, URSA Bank got $3m for eighteen months from the Japanese Sumitomo Mitsui Corporation in order to finance the purchase of machinery for a Yekaterinburg-based medical equipment producer.

Trade financing is quite popular on the banking services market nowadays, as Russian companies need to buy some modern equipment abroad as well as import consumer goods.

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