Intesa Sanpaolo, one the largest banking groups in Italy, signed a framework agreement with the Russian bank Vnesheconombank (VEB) on support and development of trade between Russia and Italy through joint projects to the benefit of SMEs.
Within the framework of the agreement, Intesa Sanpaolo will provide Russian regional banks with a €100m credit facility, which is guaranteed by VEB.
The regional banks will therefore increase resources for the development and growth of local businesses.
Specifically, the financing will be dedicated to Russian SMEs trading with Italian companies and Italian companies intending to access or strengthen their presence on the Russian market.
FinSMEs
09/12/2009