Vnesheconombank, OJSC VEB-Leasing, US Ex-Im Bank, Credit Agricole CIB, Goldman Sachs, Apple Bank for Savings Entered into Agreement on Funding Supplies of Boeing Aircraft to Aeroflot

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, US Ex-Im Bank, Credit Agricole CIB, Goldman Sachs, Apple Bank for Savings entered into an Agreement on Funding the Supplies of Four Boeing 777-300 Aircraft to be further transferred into financial leasing to OJSC Aeroflot.

Under the Agreement US Ex-Im Bank provided insurance coverage for the transaction against Vnesheconombank’s guarantee. Credit Agricole CIB and Goldman Sachs acted as coordinating banks, Apple Bank for Savings and VEB-Leasing became the transaction’s creditors. The Boeing planes are scheduled to be supplied in February, March and April this year. The leasing transaction’s tenure is 12 years.

US Ex-Im Bank’s participation made it possible to purchase the aircraft on favorable terms. The raising of long-term credit facilities against US Ex-Im Bank’s insurance coverage testifies to foreign creditors’ high level of trust in Vnesheconombank Group and this is an important step in enhancing international trade and economic ties.

This cooperation helps to develop Russia’s financial leasing market and makes it possible to provide airlines with comprehensive and innovative financial solutions in this sector as well as assist customers in searching for the most acceptable ways of funding the purchase of new aircraft.

This project’s implementation would help to boost the program of renewing Aeroflot’s fleet, expand the airline’s intra-Russian and international routes and improve the quality of services offered.

US Ex-IM Bank is the official export credit agency of the US; it is designed to support and increase competitive edge of national exports on international markets. The bank extends guarantees and provides services in pre-export financing, it also grants and insures export credits to provide support for purchasers of national products and services. In its 78-year-old history US Ex-Im Bank provided support for exports of products and services worth more than 456 billion US dollars.

Credit Agricole – Credit Agricole Group was established in 1894. It is present in more than 50 countries providing services of classical commercial and investment banking as well as insurance services. About 150 thousand of its employees serve 59 million customers in the world. According to the The Banker Magazine, Credit Agricole Group is the sixth bank in the world by assets and the fourth one by Tier-1 capital. In Russia Credit Agricole’s  customers are for the most part large Russian and foreign companies.

Goldman Sachs is a leading financing group specializing in investment banking, securities transactions and investment management. It provides a wide range of financial services to a diversified client base. Its head office is located in New York.

Apple Bank for Savings is a group of financing institutions with more than 150-year-history; it is headquartered in New York. Apple Bank is known for its conservative corporate governance and stable financial standing. Its client base is mostly comprised of American companies.

Open Joint Stock Company VEB-Leasing was set up in 2003. The company’s sole shareholder is State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. The company’s main lines of activities are leasing of high-technology equipment, rolling stock, aircraft, sea and river vessels, automobiles and special equipment. Since 2009, VEB-Leasing has been the leader in the Russian leasing sector by the volume of new business and since the first half of 2012 by the net leasing portfolio holding key positions in such capital-intensive segments as leasing of aircraft, railway rolling stock, sea and river vessels

Aeroflot is a leader of Russia’s air fleet and a member of the global Sky Team airline alliance.  The alliance’s total route network is comprised of 1000 destination points in 187 countries. In 2011, Aeroflot transported more than 14 million people. Aeroflot has one of the youngest aircraft fleets in Europe which numbers 128 aircraft. Aeroflot is based in Moscow in the Sheremetjevo International Airport. Aeroflot was the first Russian air carrier to have been included into the register of IOSA operators and it constantly meets the requirements of this certificate. The airline has passed IATA Safety Audit for Ground Operations (ISAGO). It has the certificate of compliance with ISO 9001:2008. Aeroflot is The General Partner of the 2014 Sochi Olympic and Paralympic Games in the category “Passenger Transportation”.

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