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Credit Bank of Moscow attracted another loan amounting to EUR 1,7 million

23.08.2004

Credit Bank of Moscow (CBM) attracted another loan amounting to EUR 1,7 million for the financing of import deliveries of modern agricultural equipment produced by German company PETKUS Technologie GmbH.

The loan was extended by Bankgesellschaft Berlin AG (Germany) for the 5 year term under the insurance cover of Euler Hermes Kreditversicherungs-AG in accordance with Basic Agreement concluded between CBM and Bankgesellschaft Berlin AG in 2003 year. These loan facilities will be used for the financing of 85% of the export contract value. Other 15% have been financed by MCB for the period of up to 360 days within clean credit line established for CBM by Bankgesellschaft Berlin AG.

During 2004 year Bankgesellschaft Berlin AG has already financed on a long-term basis and under CBM’s request the deliveries of agricultural equipment manufactured by CLAAS KGaA for the amount of more than EUR 700 thousand.

From the beginning of the year 2004 CBM has organized long-term financing of its customers’ export-import trade transactions covered by various export credit agencies (ECAs) for the amount of more than EUR 10 million.

CBM continues to develop an active cooperation with international financial institutions in order to provide its customers with a wide range of quality services in the field of trade finance. There are several transactions under conclusion for the financing of imports of machinery and construction services amounting up to USD 7 million. The facilities are granted by foreign banks under the insurance cover of such ECAs as KUKE (Poland), US Ex-Im Bank (USA) and IFTRIC (Israel).

Credit Bank of Moscow has been successfully carried on its activity since 1992. As of January 01, 2004 CBM’s total assets and shareholder’s equity (under US GAAP standards) amounted to USD 384 million and USD 84 million accordingly. Moody’s Investors Service assigned to CBM its E+ Financial Strength Rating (FSR) and ratings of B1/NP for long- and short-term foreign currency deposits. All ratings carry stable outlooks.