OREANDA-NEWS. March 13, 2008. Bank Electronika and Bayerische Hypo- und Vereinsbank AG (Munich) have signed an agreement for financing of the second phase of Bank Electronika’s project to enlarge its branch network. On February 21, 2008, the Bank received the first tranche from its European partner – 3,306,500 Swiss francs – for a term to November 2016.

Bank Electronika and Bayerische Hypo- und Vereinsbank AG began collaborating in the fall of 2005, when the German bank agreed to take part in an investment project for the Bogoroditskiy Techno-Chemical Plant. Later, the banks signed credit agreements to attract tied funds for investments in Russian industry and for development of Bank Electronika’s branch network.