On the 29th of August, 2011 OJSC AK BARS Bank signed with the German bank Landesbank Berlin AG an agreement on providing financing in the amount of approx. EUR10 million
On the 29th of August, 2011 OJSC AK BARS Bank signed with the German bank Landesbank Berlin AG the Individual loan agreement on providing to AK BARS Bank long-term financing under the German export credit agency Euler Hermes under the contract of the Bank’s customer OOO "Domostroitelny Kombinat".
Due to the arranged financing AK BARS Bank will provide OOO "Domostroitelny Kombinat" a loan for construction of the plant on the cement blocks production in the city of Naberezhnye Chelny (Republic of Tatarstan) in the amount of EUR 9 600 000,00 at the rate EURIBOR6m + 3,00% p.a.
First Deputy Chairman of AK BARS Bank Management Board Zufar Garaev commented on the concluded transaction as follows: "This agreement is signed in the framework of the Basic Loan Agreement of our Bank with Landesbank Berlin AG, under which we can raise foreign funding to finance the real sector of economy of Tatarstan and other Russian regions. We will continue to finance projects for creation new manufactures and modernization of the existing ones at the terms and conditions - most favorable for our customers".