Uniastrum Bank Strikes Up Partnership with Regional Guarantee Fund in Volgograd Region
Submitted by: Uniastrum
2010-12-29 00:10:01
Under the partnership agreement the Fund is to guarantee a total cap of Rb 10 mn, thus helping local authorities press ahead with their long-term region-wide SME program
(OPENPRESS) December 29, 2010 -- Uniastrum Bank continues to deliver on its commitment to promote business development throughout the length and breadth of Russia. In 2010 alone the lender inked cooperation agreements with 15 regional funds assisting small and midsized enterprises, adding up to an overall guarantee limit of over Rb 430 mn. Uniastrum plays an active role in a state-sponsored SME financial assistance program operated by the Russian Bank for Development, enabling budget-conscious business owners to obtain credit on easy terms.
Uniastrum Bank's working relationship with the Fund means that loans will now be more readily affordable for SME based in the Volgograd region. By taking advantage of a Fund guarantee, businesses lacking sufficient liquid collateral can secure the amount of credit they require. The Fund is able to guarantee up to 50% of any loan commitment undertaken.
A Uniastrum Fund-supported loan is available to any SME registered and operating in the Volgograd region. Borrower enterprises under the scheme must have been working for no less than 3 months, be current on taxes and other budget payments, and be able to lodge collateral equal to at least 50% of the principal.
"Making credit facilities affordable for small and medium-sized businesses is crucial if Russia's regions are to successfully develop their economies," notes Svetlana Chubakova, Uniastrum's Vice-President for Small Business Development. "We fully understand the needs of smaller-scale businesses and have them uppermost in our minds when designing new products and services for the SME segment. Next year we plan to offer our customers borrower programs specially crafted to take account of diverse economic sectors."
CB UNIASTRUM BANK LLC was established in 1994. Uniastrum is a universal lending institution offering a comprehensive range of financial products and services, with particular focus given to the retail sector and small and medium-sized businesses. Uniastrum is one of Russia's Top-30 systemically important banks, as ranked by the Central Bank of the Russian Federation, and places among the country's Top-20 based on the size of its branch network. It is Russia's 44th largest bank by asset size, 37st by loan portfolio volume, 32th by overall retail deposits, and 13th by total auto loans. In 2003-2007 it was the 14th biggest dynamic-growth bank, according to ratings released by RosBusinessConsulting news agency. Uniastrum's financial statement for October 1, 2010 showed the Bank's total assets at Rb 134 bn, with equity capital amounting to Rb 8.99 bn. Uniastrum Bank is a deposit insurance scheme participant. On May 31, 2010 Moody's Investors Service affirmed the Bank's long-term global foreign and local currency deposit rating at Ba2 with a stable outlook, while Moody's Interfax Rating Agency affirmed its national scale rating at Aa2.ru. Uniastrum's regional network currently numbers around 220 offices (including 43 branches) in 48 Russian regions. Since October 31, 2008 Uniastrum Bank has been a member of the Bank of Cyprus Group.
