OREANDA-NEWS. March 22, 2010. In the course of the 9th session of the Russian Economic Forum in Zurich (Switzerland) and State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Swiss Bank Zurcher Kantonalbank entered into a Memorandum of Understanding.

This Memorandum provides for Zurcher Kantonalbank to provide credit resources to Russian banks to lend to small and medium-sized enterprises against Vnesheconombank’s guarantees.

Under the Memorandum one of the main objectives of financing is for small and medium-sized enterprises to purchase Swiss technologies, high-technology equipment and goods for modernization and innovative development.

The Memorandum would help promote economic cooperation between Russia and Switzerland through implementing joint projects in providing financial support for small and medium-sized enterprises.

Zurich-based Zurcher Kantonalbank (ZKB) is the third largest bank in Switzerland and the largest cantonal bank in the country. ZKB is the main provider of financial services on the most part of Zurich’s territory.
Assets – 113 billion Swiss francs (3.3 trillion rubles);
Consolidated net profit – 503 million francs (14.5 billion rubles);
Customers’ funds – 122 billion francs (3.5trillion rubles)
The number of employees – 4 685;
Sales network – 103 outlets.

ZKB is wholly owned by the Zurich Canton. Under Swiss applicable legislation, the Canton bears responsibility for all ZKB’s liabilities which are drawn up in accordance with necessary requirements of legislation. The Bank has 4 representative offices abroad: in China, India, Singapore and Panama.