On Signing a Frame Credit Agreement between Vnesheconombank and UBS AG

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and UBS AG (Switzerland) entered into a Frame Credit Agreement on March 15, in Zurich.

This Agreement provides for providing credit resources in the total amount of 150 million Swiss francs to Vnesheconombank against insurance coverage of Swiss Export Risk Insurance (SERV) and/or other European national export insurance agencies.

Under the Agreement a credit line is to be used to finance supplies of equipment and services of Swiss and European origin.

The signing of the Frame Agreement with UBS AG is another step by Vnesheconombank aimed at expanding Russian-Swiss relations in the economic cooperation between the two countries.

UBS AG is the largest Swiss bank. It provides various financial services all over the world. UBS is the second largest European bank in terms of capitalization. UBS AG participated in a syndicated loan raised by Vnesheconombank in January of 2010.

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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