OREANDA-NEWS. On 24 April 2008 was announced, that President of TransCreditBank S.N.Pushkin, member of the Executive Board of MAN Nutzpharzoige AG P.Erichreineke and General Director of the Russian subsidiary MAN Avtomobili Rossii (LLC) P.G.Nilsson signed an agreement of understanding for three years.

Under this agreement the Bank is to finance leasing of at least 3,000 MAN trucks by Russian automotive freight operators in 2009.  The agreement also provides for delivery of still bigger numbers of trucks in 2010-1011.

On its part, MAN Nutzpharzoige AG will ensure timely delivery and sound quality of trucks as well as maintenance of vehicles by authorized service centers of the company.

The agreement has been initialed by the Ministry of Transport.

Earlier in 2007 the Bank financed the contract for delivery of 1,000 MAN trucks - and starting from 2008 another 2,000 MAN vehicles - to Russian leasing companies. To finance these transactions TransCreditBank raised a loan facility from Bayerische Hypo und Vereinsbank under a guarantee from Euler Hermes export credit agency.  The tenor of funding is 5 years.  The deal became the largest ever for MAN in Russia.

To quote President of TransCreditBank S.N.Pushkin: “TransCreditBank steadily steps up financing supplies of equipment and rolling stock for companies of the transport sector which is the priority area of the Bank’s business under its Medium-term Development Strategy.  The agreement provides for increase of the Bank’s lease finance portfolio for trucks to Euro1,2 bn in a matter of three years.  Active assistance of the Ministry of Transport which has Strategic Partnership Agreement with the Bank for implementation of projects in the transport industry made possible realization of this contract.