OREANDA-NEWS. August 10, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Sumitomo Mitsui Finance Dublin Limited (Ireland) signed an agreement on raising credit resources on a commercial basis for a period of 5 years, reported the press-centre of VEB.

Under the agreement Sumitomo Mitsui Finance Dublin Limited is to provide Vnesheconombank with credit resources in the amount of 240 million US dollars which are to be used to fund projects to be implemented by Vnesheconombank’s customers.

The agreement signed testifies to increased cooperation between the two financial institutions as well as foreign banks’ high level of trust in Vnesheconombank.

Sumitomo Mitsui Finance Dublin Limited is a member of Sumitomo Mitsui Financial Group (SMFG). SMFG is a holding company that incorporates banks, investment and financial institutions. It ranks third in Japan by the amount of assets. SMFG has an extensive network of departments and affiliated institutions all over the world including its subsidiary in Russia, namely, Closed Joint Stock Company “Sumitomo Mitsui Rus Bank” which offers a wide range of corporative services to companies and financial institutions.