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23.05.2008

Bank Austria enters into framework agreement with Olympic region of Krasnodar

  • Cooperation agreement to help exporters with projects for Sochi 2014
  • Investment potential of region comprises roughly 1,600 projects

Bank Austria has signed a cooperation agreement with the Russian region of Krasnodar, where the Winter Olympic Games are to be held in 2014 in the city of Sochi. This agreement is designed to help Austrian exporters realise their financing and investment projects in the region, whilst also intensifying business and economic links. The investment potential in the region of Krasnodar and the city of Sochi is estimated at roughly 1,600 projects according to experts, in the fields of industry, agriculture, transport, tourism, energy, construction and residential building.

In addition to hosting the 2014 Winter Olympic Games, the region of Krasnodar with almost five million inhabitants is the third-richest region in Russia. Preparations for the big event include not only the construction of various sports facilities and the Olympic Village, but also the development of transport and hotel infrastructure. However, overall there is a great need for infrastructure and investment, aside from the projects for the 2014 Winter Olympics.

As a member of UniCredit Group, Bank Austria is currently represented in Russia through UniCredit Bank and Bank Sibir. UniCredit Group is the eighth-largest bank in Russia by means of its subsidiary. By 2010 the branch network is to be expanded from 72 to around 250 branches in order to focus the local sales network more closely on customers.

Enquiries: Bank Austria Creditanstalt Press Office Austria
Tiemon Kiesenhofer, Tel. +43 (0)5 05 05 Ext. 52819
E-Mail: tiemon.kiesenhofer@unicreditgroup.at