BA-CA intensifies cooperation with Russian bank to support future growth of Austrian exports
On the occasion of the state visit by Russia's President Vladimir Putin in Vienna, Bank Austria Creditanstalt (BA-CA) has signed two cooperation agreements with Vnesheconombank (VEB), the Russian Bank for Foreign Economic Affairs. BA-CA and VEB have signed a general loan agreement on export finance and a cooperation agreement concerning investments in environmental protection projects in connection with the Kyoto targets. The agreements with VEB are aimed at boosting exports to Russia.
The general loan agreement on export finance will facilitate and accelerate the financing of exports to Russia. A special feature of the agreement is its wide reach: it concentrates not only on BA-CA and Austria but also extends to all banks of UniCredit Group and all countries in which UniCredit Group maintains a presence. The cooperation agreement on more intensive cooperation in the area of environmental protection projects in connection with the Kyoto Protocol will give additional impetus to Austria's strong environmental technology industry. Closer cooperation between BA-CA and VEB will make it easier to finance exports for Russian buyers, increasing the prospects of success for Austrian companies active in the environmental technology sector.
Within UniCredit Group, Bank Austria Creditanstalt is responsible for the banking network in Central and Eastern Europe. In Russia the bank is represented through International Moscow Bank (IMB). IMB is the eighth-largest bank in Russia, with total assets of about EUR 7 billion and 47 branches. At the end of 2006, BA-CA acquired the brokerage firm ATON.
Enquiries: Bank Austria Creditanstalt Media Relations Austria
Peter N. Thier, tel. +43 (0)5 05 05 52371;