OREANDA-NEWS. On April 24, 2008 TransCreditBank, the German company MAN Nutzfahrzeuge and MAN’s Russian subsidiary MAN Automobiles Russia, have signed a Memorandum of Intent for a period of 3 years, reported the press-centre of Russian Railways.

The agreement was witnessed by the Russian Ministry of Transport.

Under the agreement, TransCreditBank will finance an acquisition programme for the transfer in 2009 to trucking organisations under leasing of at least 3,000 MAN trucks. The agreement also provides for the delivery of even larger consignments of trucks during 2010 and 2011.

Under the contract, MAN Nutzfahrzeuge will service the vehicles at its authorised service points.
In 2007, TransCreditBank financed a contract to supply 1,000, and from 2008 another 2,000 cars produced by MAN to Russian leasing companies.

Financing the transactions was arranged through a credit agreement between TransCreditBank and Bayerische Hypo und Vereinsbank in Germany.

The deals were guaranteed by the German export-credit agency Euler Hermes. The financing term was 5 years.

TransCreditBank is a strategic partner of Russian Railways and carries out banking services for all of Russia’s railways, and rail enterprises and organisations, as well as partner companies and contractors in the rail sector.