OREANDA-NEWS. The Krasnodar subsidiary of the Bank of Moscow has decided to set a termless letter of credit limit of 600 million rubles of GNC FGUP Yuzhmorgeologia. The funds will be used to finance work under state contracts and to grant bank guarantees of return of prepayments and of fulfilment of contractual terms (including under foreign trade contracts).

State Scientific Centre Yuzhmorgeologia is one of Russia’s leading scientific organisations with over 55 years’ of practical experience. It participates in both federal and international programmes and agreements, providing its services on the marine geophysics industry market. GNC FGUP Yuzhmorgeologia operates in the sphere of geological support for federal undertakings associated with studying and developing mineral resources of the continental shelf, inland seas and the international region of the World Ocean. It comes under the Federal Agency for Natural Resource Use of the Ministry for Natural Resources and the Environment.

"The Bank of Moscow sees support for regional enterprises as one of its priorities", commented Evgeny Monin, head of the Bank of Moscow’s Regional Business Development Directorate. "We take an individual approach to each and every client, select the required set of bank products and services and offer beneficial terms for co-operation."