OREANDA-NEWS. VTB signed a framework credit agreement with Italian bank group Monte de Paschi di Siena.

Under the Agreement, the Group member-banks, namely, Monte de Paschi di Siena SpA, Banca Toscana SpA, and Banca Agricola Mantovana SpA shall open a credit line to VTB Bank amounting to EUR 100 million to finance export of Italian equipment and durables to Russia under insurance coverage of SACE, an Italian export credit agency. The agreement signed calls for closer cooperation between VTB and Monte de Paschi di Siena Group, deeper relations between Italy and Russia, and stronger competitive positions of VTB in the sphere of foreign trade services.