OREANDA-NEWS. September 17, 2007. Bank Electronika has signed an agreement with Parisian bank BRED Banque Populaire  and Russian company Baltko to become authorized bank for settlements under a contract to make revolving credit available to French counteragents of the Russian company.

Baltko will use the credit to organize purchases and realize fish and seafood products harvested and prepared by Vichunai-Rus, Kaliningrad. Baltko sells its products through networks of the largest supermarkets in Russia under guarantees of future payments for settlement with wholesalers.

BRED Banque Populaire has extended the credit to Baltko under guarantee from Plunges Kooperative Prekybe, Baltko’s parent company. The credit risk that BRED assumes is insured by the French Company for Foreign Trade.

Thus six parties from three European countries play roles in realizing the agreement facilitating the sale of these fish products. The three-party Bank Electronika-BRED-Baltko agreement is among the most complex transactions in which Russian companies and banks participate. The Moscow office of French law firm Gide, Loyrette, Nouel was instrumental in preparing that agreement.