UBRD gets ?7m from VTB Bank Deutschland

The Ural Bank for Reconstruction and Development was given a confirmation of ?7m worth of credit lines in the course of negotiating with VTB Bank Deutschland AG Frankfurt/Main, Germany. The bank’s representatives explain this is the greatest limit meant for handling foreign LCs ever offered to any Ural bank by a partner bank. VTB Bank Deutschland has also expressed an interest in financing the UBRD’s trade transactions.

‘Thanks to the parties’ agreement, the regional enterprises will reach the new heights in terms of foreign trade; our customers will be entitled to cheaper loan resources due to guarantees and letters of credit. The economy’s real sector is struggling with liquidity problems at the moment, so the new foreign trade financing opportunities will promote their business activity and make it easier to buy raw stuffs and machinery abroad,’ says the Ural Bank for Reconstruction and Development’s Vice President and CFO Anton Soloviev.

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