OREANDA-NEWS. Bank VTB and Sovcomflot have signed an agreement stipulating further development of mutually beneficial co-operation between the parties.

On behalf of VTB the Agreement was signed by Andrey Kostin, VTB Chairman & CEO, Sovcomflot was represented by Sergey Frank, President & CEO of the shipping company.

The Agreement provides for promoting co-operation between VTB and Sovcomflot in solving the current and strategic tasks faced by the company. In particular, the parties intend to co-operate in improving and developing the system of international and internal transactions in Sovcomflot, in introducing modern technologies of cash management with a view to enhance the efficiency of the company. Under the Agreement VTB will also provide loan servicing and the financing of Sovcomflot’s current activities and investment projects.

Besides, the parties agreed to provide each other with consultations in the sphere of banking and finance. Sovcomflot will consult the bank in respect of ship finance, ships’ valuation and investment project finance in shipping. At the same time, VTB will assist Sovcomflot in arranging the financing of the projects of corporate development of the shipping company, making deals with securities at the Russian and international financial markets.

The implementation of the agreement reached by the parties also envisages the application of the terms of the Co-operation Agreement to the companies within the Sovcomflot Group by attracting the subsidiaries of VTB Group.