News and Press Releases

23 June 2011

UniCredit arranges Euro 50 mln Credit Facility for OJSC VTB-Leasing backed by SACE

UniCredit signed a Facility Agreement with the leading Russian leasing company OJSC VTB-Leasing for an aggregate principal amount of Euro 50mln (fifty million) backed by a guarantee from the Italian export credit agency SACE, with UniCredit acting as sole arranger and Bank Agent.

The financing is divided into two tranches amounting respectively to Euro 30mln and Euro 20mln for a total tenor of 6 years. The credit facility was granted taking into consideration the relevant existing activities between OJSC VTB-Leasing and its Italian counterparts, with the purpose of financing the import of equipment produced in Italy to Russia for further lease.

The structure of the transaction is unique for the CIS countries and is the result of a high reliability assessment of OJSC VTB-Leasing and the whole VTB Group by its Italian partners.

Andrey Konoplev, CEO of OJSC VTB-Leasing said: “We are fully satisfied with the terms of the agreement with our partners. Russian companies now have broad opportunities to acquire high quality equipment produced in Italy using lease transactions. Due to this agreement the final cost of leasing transactions will be decreased. OJSC VTB-Leasing is planning to continue the practice of concluding appropriate agreements with foreign credit institutions backed by guarantees from national insurance agencies”.

Francesca Beomonte, Head of Structured Trade & Export Finance UniCredit Italy, said: This deal successfully represents the continuous effort of UniCredit to promote the internationalization of Italian Companies towards the Russian market by intensifying the already existing good relationship with reliable partners as VTB Group and SACE

Teresa Saponara, Head of Export Credit and Structured Finance of SACE, said: “Our support for this transaction is aimed at further enhancing business opportunities for Italian companies exporting to Russia, especially the large number of small and medium-sized enterprises, by providing their local clients with a wider range of financing solutions. Through the partnership with UniCredit and thanks to the competitive position of the VTB Group in the Russian leasing market, this transaction further reinforces our commitment in Russia, which is one of the countries in SACE’s portfolio with the largest exposure, valued at over € 4.5 billion.”

Chiomenti Studio Legale and Gide Loyrette Nouel acted as legal advisors to UniCredit and SACE, while Allen & Overy LLP advised OJSC VTB-Leasing.

About SACE

SACE is an insurance and financial group that operates in the field of export credit, credit insurance, investment protection, financial guarantees, sureties and factoring. The group assists its clients in more than 180 countries, ensuring more stable cash flows and transforming companies’ risks of insolvency into development opportunities. SACE has been rated AA- by Fitch and is present in Russia with a representative office in Moscow.

About UniCredit Corporate & Investment Banking:

UniCredit is a major international financial institution with strong roots in 22 European countries as well as representative offices in 27 other markets, with about 9,600 branches and approximately 162,000 employees. In the CEE region, UniCredit operates the largest international banking network with around 4,000 branches and outlets.

UniCredit's Corporate & Investment Banking gives companies, from small and medium Corporates to multinationals and institutional clients, access to the largest network of banks in Central and Eastern Europe, as well as to branches in major financial centers worldwide. The successful collaboration between our network’s relationship managers and specialists in our product lines (Financing & Advisory, Markets, Global Transaction Banking) enables UniCredit to respond promptly to our clients’ entrepreneurial requirements. Thus, UniCredit supports the growth and internationalization of the Group’s corporate and institutional clients, creating sustainable value for all stakeholders.

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