OREANDA-NEWS. July 31, 2008. Throughout the said period B.I.N.BANK has been gradually increasing the volume of trade finance transactions, reported the press-centre of B.I.N.BANK.

As a result the Bank handled 34 transactions related to import financing to the amount exceeding USD 160 mln. that exceeds the indices of the same period in 2007 more than twice. Usually financing of the Banks customers was implemented in form of letters of credit (including stand-by L/Cs) and guarantees.

It should be mentioned that among obligations issued by the Bank about USD 30 mln. are direct obligations which do not require confirmation by foreign counterparts. This fact evidences of increasing confidence level of the foreign suppliers towards B.I.N.BANK and its acknowledgement as reliable financial partner who fulfills its obligations duly and accurately.

In April, 2008, the Bank repaid the syndicated loan to the amount of USD 52 mln. and in May - the third tranche of EUR 5,5 mln. in the framework of USD 50 mln. Loan Participation Notes Program, which was launched in 2005. Funds of the third tranche were raised at coupon rate of 8,25% and with 2-year tenor.

Throughout the past half year, geography of the Bank's transactions was also expanded alongside with business volume growth. Except for traditional transactions with exporters from Europe and USA, share of deliveries from China and Japan has notably increased that reflects one of the strategic priorities of the Bank in development of relationships with Asian financial institutions.

Correspondent network of the Bank was also considerably expanded. The Bank opened a CHF correspondent account with UBS AG (Switzerland) and obtained an agreement for effecting settlements in EUR under VISA plastic cards transactions. Standard Chartered Bank (UK) agreed to establish lines to B.I.N.BANK for trade finance and FOREX operations as well as signed a netting agreement on FX transactions. Likewise, the Bank reached an agreement with Commerzbank AG (Germany) to establish FX transactions line and to extend (in size and term) the existing trade finance line.