SO JSC “VTB Bank” (Kazakhstan) and JSC “State Insurance Corporation for Export Loans and Investments Insurance” (the Republic of Kazakhstan) have signed the Memorandum on Mutual Cooperation.
On behalf of “VTB Bank” (Kazakhstan) the Memorandum has been signed by the Chairman of the Management Board Mr. Aleksandr Kostyan, and on behalf of JSC “State Insurance Corporation for Export Loans and Investments Insurance” it has been signed by the Chairman of the Management Board Mr. Galym Amerkhodzhauev.
The Memorandum has been signed with the purpose to assist in development of bilateral foreign economic relations among the businessmen of Russia and Kazakhstan. The potentials of International VTB Group allows to its subsidiary structure to provide financial support to foreign economic transactions of Kazakhstan exporters. JSC “Corporation for Insurance of Export Loans and Investments” may provide insurance of commercial and political risks while implementation of the concluded contracts.
Such cooperation will help to minimize the risks of VTB in Kazakhstan and extend the volumes of the provided financing, which allows maintain and increase the export volumes of Kazakhstan products being in demand at the Russian market.
The Memorandum is of the framework nature, but within the nearest time the parties intend to implement in practice the purposes thereof by supporting of the commercial transactions already concluded between the enterprises of the two countries.
For Reference:
JSC “State Insurance Corporation for Export Loans and Investments Insurance” has been established according to the Resolution of the Government of the Republic of Kazakhstan in the year 2003 as one of the new institutions of development in Kazakhstan. The main objectives of the Corporation is insurance (re-insurance) of non-primary goods and services export, insurance (re-insurance) of investments to abroad, provision of consulting services on the issues connected with insurance of foreign economic activities. The Corporation is the member of thePrague Club under the Berne Union of Export Loans and Investments Insurers and of the Credit Alliance.
100% stocks of SO JSC “VTB Bank” (Kazakhstan) belong to the Russian OJSC “VTB Bank”. The principal shareholder of VTB holding the share of 77,5% is the Government of RF. VTB is one of the leading lenders of Russian economy with the bank corporate credit portfolio as of July 1, 2009 exceeding 1 476 billion roubles. In the opinion of the International Rating Agencies, such as Moody`s Investors Service, Standard & Poor`s and Fitch VTB has the highest rating among the Russian banks. The AFS License №1.1.259 for carrying out of the banking activities on the territory of the Republic of Kazakhstan has been issued as of May 22, 2009. The main competitive advantages of VTB Bank (Kazakhstan) are the strong team of professionals, individual approach to every customer and access to the resource base of VTB financial group.