OREANDA-NEWS. VTB Bank has been named ‘Leader in Export Finance’ at the 2016 Exporter of the Year Awards. The awards ceremony took place during the 5th ‘Made in Russia’ International Export Forum, held by the Russian Export Centre (REC Group).

Vitaly Bouzoveria, Head of the Credit Department and Senior Vice President at VTB Bank, said: "The support and development of Russian export companies is one of VTB’s priorities. This award demonstrates the recognition of VTB’s efforts as a leading bank in export finance and promotion of ‘Made in Russia’ branded products".

VTB’s contribution to the development of export finance in Russia is highly valued by REC Group and the Ministry of Industry and Trade of the Russian Federation. In 2016, together with REC, VTB continued successful execution of export finance deals, entering new markets, developing new products and services to stimulate the supply of Russian exports. Over the past five years, the bank has succeeded in supporting Russian exporters by providing a total of RUB 60bn financing under the insurance cover of the Export Insurance Agency of Russia (EXIAR).

This year the Ministry of Economic Development of Russian Federation and REC have developed a new support mechanism of subsidising interest rates on export loans provided to foreign importers and Russian exporters. Under this programme, VTB and REC signed an agreement that will ensure attractive terms of export financing to existing customers of the bank and facilitate their access to foreign markets.