OREANDA-NEWS. August 19, 2011. VTB Bank has signed a framework loan agreement on lending funds under foreign trade contracts of VTB customers with Banco Espanol de Credito (Banesto), reported the press-centre of VTB Bank.

According to the agreement, VTB has granted a short-term credit facility in US Dollars, Euros and other currencies to finance export and import transactions of large Russian VTB customers.

Expanded cooperation with one of the largest Spanish banks will let VTB boost financing of export and import transactions of Russian real economy enterprises, strengthen the Bank’s competitiveness in servicing international transactions and contribute to further interaction with Spanish financial institutions.

Under the agreement, the first transaction on financing 1 year USD 50 million contracts with Spanish exporters signed by VTB customers was implemented in early August.

For reference:
Universal commercial bank Banco Espanol de Credito S.A. (Banesto) was established in 1902. It is 89% owned by the largest Spanish bank Banco Santander S.A., but runs its business independently. The bank has 1 952 offices in Spain, a branch in the USA and a representative office in Mexico. It occupies the 5th place in Spain and 124th place in the world in terms of assets (according to Banker’s Almanac).

The bank was assigned the following credit ratings: Fitch Ratings: AA; Moody’s: A2; S&P: AA