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Vnesheconombank Participates in Financing the Purchase of Malev Airline by AirBridge Zrt Airline

25 april 2007 года
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Today on April 25, Vnesheconombank Deputy Chairman Sergey Lykov participated in a ceremony held in Budapest and devoted to transferring Hungarian Malev Airline’s shares to a new owner – AirBridge Zrt Airline. Hungary’s Finance Minister Janos Veres, executives and shareholders of AirBridge attended the ceremony

In mid April 2007, Vnesheconombank and AirBridge Zrt (Hungary) entered into an Agreement On Extending a Credit and Guarantees worth 102 million euros for a period of up to 10 years to finance the purchase of 99.95% of shares owned by the Hungarian national air carrier, Malev Zrt by AirBridge Company. Vnesheconombank acts both as a financing party and a consultant of AirUnion on developing Malev, streamlining the structure to finance the Hungarian airline’s business and on improving its financial standing.

The purchase of Malev airline will have a synergetic effect on expanding Russian and Hungarian airlines’ business by way of optimal use of resources and integrating Hungarian Malev’s networks and those owned by companies incorporated in AirUnion. Vnesheconombank on which basis a Development Bank for Foreign Economic Affairs is being established, is often turned to by Russian business for conducting structurally complicated transactions and implementing large-scale projects. 

AirBridge company representing the interests of Russian AirUnion’s private shareholders is the winner of the tender for privatizing Malev company organized by the Hungarian State Privatization and Asset Management Agency. In the course of the tender AirBridge offered the most efficient business plan to develop Malev. This plan enables the airline not only to maintain its current status but also expand its presence in the international air transportation market.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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