Volleyball. Vnesheconombank Becomes Russian Volleyball National Team's Sponsor
VOLLEYBALL. AGREEMENT ON COOPERATION
Author: Alexei Rybalko
August 2, 2005, N116-B (16 698)
Yesterday Vnesheconombank Chairman Vladimir Dmitriev and All-Russian Volleyball Federation First Vice-President Valentin Zhukov signed an agreement on cooperation.
Vnesheconombank became the general partner of Russia's women's national volleyball team and the All-Russian Volleyball Federation's official sponsor for a new Olympic cycle. Under the agreement, which is to be valid for four years, Vnesheconombank will provide sponsorship to the country's main women's volleyball team in the amount of 30 million rubles per year for it to train to take part in international and all-Russian competitions until the end of the 2008 Olympics in Beijing.
I am sure that our cooperation will be mutually beneficial, - said Vladimir Dmitriev. - This agreement aims to encourage and expand the ongoing cooperation between Vnesheconombank and the All-Russian Volleyball Federation as well as create favorable conditions for Russia's national women's volleyball team to perform well in the main competitions during a four-year period including the Olympic Games. Now we are members of one and the same team striving for the gold in Beijing. The new agreement provides for promoting and expanding partnership between our bank and the Federation, which we established in 2004. Vnesheconombank's efforts as the All-Russian Volleyball Federation's general partner helped Russian volleyball players to do well in the Olympic games in Athens. Besides, our cooperation aims to back Russia's Volleyball Development Program.
The new agreement would allow Russia's women's national team to train better for forthcoming competitions, hold instruction and training sessions, pay bonuses to volleyball players, - said Valentin Zhukov. - Our Federation and Vnesheconombank hold the same views. Our cooperation started in 2004. Now we signed a new agreement, which is to be valid for four years. I am very happy that our patrons showed an interest in volleyball. I would like to express my profound gratitude to the Bank's management for their help in our common course. We have freedom of manoeuvre. We have established the most ambitious goal. We got tired of taking second and third places. I hope that due to our four-year cooperation program with Vnesheconombank, Russia would be able to win the gold in Beijing.
Vneshtorgbank sponsors the men's national volleyball team and Vnesheconombank - the women's national volleyball team. Which team do you think would win in this unusual competition? - a question to All-Russian Volleyball Federation General Director Yuri Sapega who attended the ceremony of signing a cooperation agreement.
Undoubtedly , Russian sport would win in this competition. I am grateful to both banks for their assistance. Our men's and women's volleyball national teams needed good partners badly. The assistance provided by Vnesheconombank and Vneshtorgbank would allow the Federation's management to solve the problems of the country's main teams and would enable players and coaches to focus primarily on preparing for the most important sporting event of the current four-year period, namely, the Olympics in Beijing. And it remains to be seen which team, men's or women's would perform better. I hope that both teams would win gold medals.
VEB's Borrowing Record. The Bank Arranged $500 Million Credit at LIBOR+0.9%
Author: Ivan GORDEEV
Government Vnesheconombank (VEB) took advantage of Russia's improved sovereign rating by borrowing 500 million dollars from international banks for a period of three years at LIBOR+0.9. Russian financial institutions have never borrowed so much at such a low rate.
Yesterday, Vnesheconombank Chairman Vladimir Dmitriev signed an agreement on extending a syndicated credit by international banks to VEB. The syndicate's lead managers were ABN Amro, Dresdner Bank and Deutsche Bank. Besides them, 40 banks participated in the deal such as Citibank NA, Dresdner Kleinwort Wasserstein, JP Morgan Chase, ING Bank, HSBC, Bayerische Hypovereinsbank, Bank Austria Creditanstalt, Calyon, ICICI Bank, Fortis Bank and others.
VEB plans to use the funds received to finance its customers' operations. As Mr. Dmitriev put it, the Bank has more than 15 projects to finance by using this credit. He said that the funds would be, above all, invested in oil refining, space and chemical industries, transport and diesel engineering, telecommunications.
VEB broke Vneshtorgbank's (VTB) record. At the start of the year, this bank obtained a three-year syndicated credit worth $450 million at LIBOR+1.2%. As was the case with VTB the subscription to VEB's debut credit by potential participants exceeded greatly the initially planned value of the deal ($300 million) and was about $600 million. According to Dmitriev, most European financial institutions took keen interest in this syndicated loan. "The Bank is associated with sovereign risk", - said Vnesheconombank's Chairman.
Analysts stressed that VEB managed to capture the right moment to borrow money. "Russia is making early payments on its foreign debt, its gold and foreign exchange reserves are on the rise, markets are influenced by the rumors that Russia's sovereign rating is going to rise, - says an expert. - First class banks take keen interest in extending such syndicated credits". Furthermore, as opposed to other Russian financial institutions, VEB's set of ratings is unique (BBB - with respect to liabilities in foreign currency from Standard & Poors and Fitch, and Ba1 rating- from Moody's ). S&P explains that VEB is not related to the government as its parent structure alone but also acts as its agent for servicing foreign debts and recovering Soviet-era debts, it also acts as the state management company responsible for investing pension funds.
By the way, VEB has no plans to arrange further loans, as Mr. Dmitriev puts it, the Bank has sufficient funds to finance its current package of projects.