To streamline trade finance operations for Russian Agricultural Bank clients
Russian Agricultural Bank (RusAg) has signed an agreement with Citibank Europe for the financing of trade operations of its customers.
Reportedly, the new framework agreement between Russian Agricultural Bank and Citi will facilitate financing of export and import contracts with RusAg’s clients. The agreement provides additional opportunities in trade finance and is likely to help strengthen business ties and boost cooperation between Russian Agricultural Bank and world financial institutions.
Zdenek Turek, president of ZAO Citibank and head of Citi Russia and CIS, said: “The strong and mutually beneficial partnership between RusAg and Citi is one of the best examples of bilateral economic cooperation between the US and Russia. This agreement will not only help to streamline trade finance operations for RusAg and its clients, but will have a long-term positive impact on development of Russia’s agricultural sector, one of the key engines of growth and diversification of Russian economy.”
Yury Trushin, chairman of the board and CEO of Russian Agricultural Bank, said: “Through financing agriculture and related industries, RusAg has become the backbone of the domestic market. In accordance with the recommendations of the government, the bank continues to work in this respect and it is steadily increasing resources to support the country’s agricultural producers.”