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Credit Bank of Moscow and Dresdner Bank AG /Frankfurt/ have concluded Basic Agreement

09.09.2004

Credit Bank of Moscow (CBM) and Dresdner Bank AG have signed Basic Agreement for the long-term financing of export contracts for the supply of goods and/or services by exporters domiciled in the Federal Republic of Germany to importers in the Russian Federation. Dresdner Bank Group is one of the largest international financial institutions with total assets amounting to more than EUR 470 billion which branch network includes more than 1000 offices in 60 countries.

This Agreement allows CBM to attract loans for the period of more than 5 years to finance 85% of the contract value of equipment and capital services imported by CBM’s customers into Russia under insurance cover of Euler Hermes Kreditversicherungs-AG.

Previously CBM concluded similar Basic Agreements with Commerzbank AG, Bankgesellschaft Berlin AG, Bayerische Hypo- und Vereinsbank AG and АКА (Ausfuhrkredit-Gesellschaft mbH).