VTB Bank and the European Investment Bank team up to bolster support for SMEs, says the lender’s press release.

      The two institutions signed a framework loan agreement to expand small and medium business financing capabilities.

      According to the statement, the deal was signed by Deputy President and Chairman of the Management Board of VTB Bank Mr. Herbert Moos and Vice-President of the European Investment Bank Mr. Wilhelm Molterer.

      The agreement provides for multi-currency tranches of up to 10 years maturity and 18 months disbursement period to be available to medium- and small-sized enterprises.

      The European Investment Bank (EIB) is the European Union's nonprofit financial institution that has the EU mandate to provide long-term financing to the Eastern partner-countries (Ukraine, Moldova, Georgia, Armenia, Azerbaijan and Russia).

      VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity.

      VTB Bank is part of VTB Group, a global provider of financial services, that offers a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services, insurance, asset management for pension and unit funds, leasing, and more. The services are available to clients in more than 20 countries across the CIS, Europe, Asia and Africa.