Wednesday, August 23, 2017

VTB Bank signs $2.8 billion in export financing deals

VTB Bank announced earlier this week that it signed $2.8 billion in export financing deals this year, effectively tripling its portfolio of such transactions.

Of the $2.8 billion, VTB entered into $1.7 billion in pre-export and long-term financing transactions with export credit agencies in petroleum, coal and mineral production. Six hundred separate export transactions of these commodities have been completed, totaling $1 billion.

VTB further expanded its portfolio of export finance products in April through an arrangement with Export Insurance Agency of Russia, the first agreement of its kind in Russia.

"The successful development of trade and export financing by VTB Bank is evidence of the high demand for these products and services among Russian and foreign companies," VTB First Deputy President Yuri Soloviev said. "We intend to promote this positive experience throughout the whole VTB Group."