OREANDA-NEWS. In the course of a working visit of Belarusbank delegation to Zurich (Swiss Confederation), Chairman of the Board Siarhei Pisaryk held talks with the management of the consortium of Swiss banks UBS AG, Credit Suisse AG and Zьrcher Kantonalbank. An Annex to the previously executed Loan Agreement between Belarusbank and the consortium was signed, providing for financing additional supply of two seven-carriage electric trains produced by Stadler Bussnang AG for Belarusian Railway.

In the picture (from left to right): Bruno Frьh - Head of Sales and Export Finance, ZKB; Claude Lauper - Head of the Department of Banks and Trade Syndication in Emerging Markets, ZKB; Siarhei Pisaryk - Chairman of the Board of Belarusbank; Clyde Iselin - Managing Director, Export Finance, UBS, Siarhei Hirach - Deputy Head of Trade and Structured Finance of International Business Department, Belarusbank.
‘Just over a year ago a loan agreement was signed here in Zurich to finance the first lot of interregional electric trains, and today the first trains have already arrived to Belarus, - reminded Siarhei Pisaryk. - We appreciate the trust of the Swiss side. Each project is a milestone for us - an evidence of our bank's direct engagement in handling issues of state importance, such as modernization of the national transport system. Implementing this project will also allow Belarusian Railways to reach a new quality level of passenger transportation services. The comfort of Swiss commuter trains has already been evaluated by citizens and guests of the country,' - added the Chairman.
Siarhei Pisaryk emphasized the parties' common interest in cooperation.
‘Execution of the agreement is a vivid example of coordinated highly professional team work. The deal, being a positive precedent in Belarusbank's international business, will help improve its position in Western financial markets, as well as develop and strengthen mutually beneficial cooperation between business circles of both countries,' - underlined the executive.

In the course of discussion the parties came to the conclusion that, despite the success achieved, the potential of bilateral interbank cooperation is far from being exhausted. In this regard the Belarusian side invited Swiss financial institutions to more actively participate in investment projects implemented by clients of Belarusbank. Joint efforts can result in further strengthening of relationships in all mutually advantageous directions.
It should be noted that financing by Belarusbank of the projects on supply of modern electric trains to Belarus lay foundation for a joint venture by Stadler Minsk and Stadler Rail AG which is aimed at manufacturing passenger electric transport with subsequent entry into markets of third countries.