Alfa-Bank, the largest private bank in Russia, signed a memorandum of understanding with the Export Credits Guarantee Department at the 10th Intergovernmental Open Session of the Russian-British Committee on Trade and Investment.
Under the MoU, Alfa-Bank will receive a $50 million line of credit facility on favorable terms consistent with the OECD Arrangement on Guidelines for Officially Supported Export Credits from ECGD, the official Export Credit Agency of the British Government.
The credit will be used to finance contracts ranging from $1.64 million to $40.95 million entered into by Russian companies with British exporters.
Alfa Bank is the first Russian bank to have signed such a Memorandum with ECGD.
"For us it is a great honor to be the first Russian bank to have signed the memorandum," John Traynor, the head of transaction banking at Alfa-Bank, said. "This initiative gives evidence of our team's high professionalism and recognized achievements not only in the Russian market, but in the international markets as well. We consider this cooperation of strategic importance, and consistent with our aim to develop further financing solutions for our customers with largest partner countries."
Founded in 1990, Alfa-Bank is a universal bank offering main types of banking operations available on the financial market, including private and corporate customer services, investment banking, and leasing, commercial and structured financing.
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