OREANDA-NEWS. August 15, 2011. Russian Agricultural Bank and Citi have announced the closure of the deal on providing Russian Agricultural Bank with a 1 year trade finance loan. The loan is nominated in Russian Rubles and amounts to the equivalent of USD 100 mln., reported the press-centre of Russian Agricultural Bank.  

Over years Citibank has developed successful cooperation with Russian Agricultural Bank and became its important partner in trade area providing confirmation and financing of LCs and trade related bilateral loans.

"This is the fourth trade-related loan with Citibank starting from the end of 2009, which highlights the strengthening of relationship between our institutions. The raised funds will allow us to meet the high demand of the agricultural producers and other customers in low-cost resources", said Victoria Kirina, Deputy Chairman of the Management Board at Russian Agricultural Bank.

"This deal is another important step towards deepening relations between Russian Agricultural Bank and Citibank in terms of trade finance. We are glad that Citibank acts as a partner in this benchmark deal, acknowledging a strategic partnership between our two banks. For the past 12 month Citi and Russian Agricultural Bank arranged and closed deals to the total amount of USD 245 mln. Cooperation between these two sound brands provides additional opportunities in trade finance which should also have a positive impact on development of Russia’s agricultural sector", said Natasha Ansell, Head of Financial Institutions and Public Sector for CIS region.