OREANDA-NEWS. December 31, 2008. Russian Regional Development Bank (RRDB) signed a Memorandum on Mutual Understanding and Cooperation intent with Banco de Inversion y Comercio Exterior S.A. (a bank for investments and foreign trade from Buenos Aires, Argentina).

On the part of RRDB the Memorandum was signed by Dmitry Titov, President of the Bank, and on the part of Banco de Inversion y Comercio Exterior S.A. by Ugo Gerrieri, member of the Board of Directors. The signing ceremony took place in Moscow in the Large Kremlin Palace in the presence of the President of Russia Dmitry Medvedev and the President of Argentina Cristina Fernandes de Kirchner. It was preceded by the Russian-Argentine summit.

The signed document augmented the achieved agreements of the parties on the mutual intent for long-term and mutually beneficial cooperation in the banking activity field, rendering financial services, development of financial, industrial and trade relations between the clients of the two banks both in Russia and in Argentina.

The Memorandum stipulates a regular exchange of information, holding of joint consultations, adjustment of standard documentation and other steps. The parties intend to work out possibilities of closing bargains on project funding and syndicate creation. It is also planned to establish corresponding relations, study the prospects of cooperation in the field of payment transaction both for corporate and physical bodies, in particular for the export of goods from Argentina to Russia.

The Memorandum signing was preceded by preparatory work and a number of meetings, among them the meeting between the top management of RRDB and the Minister for Federal Planning of Public Investments and Services of Argentina Julio Miguel de Vido.