Vneshtorgbank (VTB) and Dresdner Bank intend to cooperate in organizing the issue of Eurobonds by Russian companies, VTB CEO Andrey Kostin reported when signing a cooperation agreement between the two banks. Under the agreement, the banks will promote the development of trade between Germany and Russia and finance foreign trade operations and investment projects of Russian and German companies. In addition, VTB and its clients now have an opportunity to attract long-term credits from Dresdner Bank. The implementation of joint projects of the two banks will be insured by the German insurance agency Germes.
To date, the volume of VTB's transactions with Germany amounts to EUR60m. According to Kostin, this is not enough, and the bank plans to enhance its activities seeking to attract funds from Germany. The banker also confirmed information that Dresdner Bank would participate in placing VTB Eurobonds.
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