foir print

14.01.2005

The European investors highly appreciated Center-invest bank

On January 14, 2005 delegation of German corporation DEG visited Center-invest bank. The visit was held within the negotiations on extension to the bank of credit line for small and medium-size business and consumption and mortgage crediting.

German Corporation for Investments and Development (DEG - Deutsche Investitions und Entwicklungsgesellschaft mbH) was established in 1962. It is a governmental finan-cial-and-consulting company specialized on the issues of international development of Germany. The goal of organization is to facilitate the growth in developing countries and transition economies via supporting of private sector. DEG specializes in medium and long-term project financing and has implementation experience in 80 countries, including Russia.

During conduction of due diligence procedure the DEG representatives were ac-quainted with the bank's work: studied its financial performance and reporting, interviewed leading specialists. The presence of Code of Conduct adopted by the bank in April 2004 and eight years experience of audit according to the International Accounting Standards were highly appreciated by foreign investors. Credit line is intended to be opened for five years in amount of about 5-6 millions of euro.