VOLGA-DNEPR GROUP SIGNS WITH HSBC BANK

The Volga-Dnepr Group of companies has signed an agreement with HSBC (United Kingdom), one of the largest banking holdings in the world.

The agreement with HSBC follows an investment agreement signed with the International Finance Corporation (IFC) in July and is Volga-Dnepr's next step in developing relations with leading international financial institutions.

Volga-Dnepr Group's subsidiaries and companies were previously served by different banks that complicated fulfilling and controlling financial operations from one centre. Selecting one global bank optimises management of the Group's financial flows.

At present Volga-Dnepr is a client-oriented, dynamic, flexible group of companies with offices and subsidiaries in Russia, USA, UK, Ireland, United Arab Emirates and China. One of the major criteria in choosing the bank was the presence of HSBC offices in all the countries in which Volga-Dnepr companies operate.

Volga-Dnepr also took into account additional HSBC services that are in demand by Volga-Dnepr because of its international activities. This includes the bank's capability to perform payments between companies of Volga-Dnepr Group within HSBC Group's international network; the ability to open accounts in different currencies, to obtain short-term credits and special discount rates and to use the credit balance of one company to allay the debit of another.

HSBC's irreproachable business reputation is based on its client network of reliable, financially stable companies. "Western companies treat companies of Russian origin very carefully. The agreement with HSBC is another step in getting acknowledgement of Volga-Dnepr in the world financial community", says Alexey Isaikin, General Director of Volga-Dnepr Group. "Co-operation with one of the world's largest banks, which now provides all financial services for Volga-Dnepr, proves once again Volga-Dnepr's status as a stable company, conducting transparent and open business", he underlined.

Headquartered in London, HSBC Group is one of the world's largest banking and financial services companies with a network of some 7,000 offices in 80 countries. HSBC Group has a subsidiary bank in Moscow specialising in corporate financial services, and an office of HSBC Investment Bank providing project support investment in Russia.

Richard Tickner, HSBC Bank (RR) Chairman, says: "This agreement is very important for both Groups, each of which is a world leader in its field. The agreement defines the frame of our future co-operation, and we are looking forward to start our joint work with Volga-Dnepr Group. We are ready to support its business development in Russia and all over the world".