VTB Bank has signed a framework loan agreement on lending funds under foreign trade contracts of VTB customers with Banco EspaГ±ol de CrГ©dito.

VTB Bank has signed a framework loan agreement on lending funds under foreign trade contracts of VTB customers with Banco Español de Crédito (Banesto).

According to the agreement, VTB has granted a short-term credit facility in US Dollars, Euros and other currencies to finance export and import transactions of large Russian VTB customers.

Expanded cooperation with one of the largest Spanish banks will let VTB boost financing of export and import transactions of Russian real economy enterprises, strengthen the Bank's competitiveness in servicing international transactions and contribute to further interaction with Spanish financial institutions.

Under the agreement, the first transaction on financing 1 year USD 50 million contracts with Spanish exporters signed by VTB customers was implemented in early August.

Source: VTB Bank
Date: 17.08.2011