Absolut Bank sold the deal to attract funding from Bayerische Hypo-und Vereinsbank AG in the amount of 8.6 million Euro for 5 years. The credit agreement with Bayerische Hypo-und Vereinsbank AG was signed in early October 2004.
Funds drawn on a program of lending to the buyer under the guarantee of the German export credit agency Euler Hermes. Available funds will provide for the customer for the purchase of Absolut Bank's high-tech packaging machines manufactured by Bruckner Maschinenbau GmbH.
Guarantee Euler Hermes is a testament to the confidence of the German public export credit agencies, and the high evaluation of the Bank's international financial institutions.
total volume of contracts financed by the Bank under the guarantee of absolute export-credit agencies, from the beginning of 2004 amounted to more than 34 million euros, taking into account the said transaction. In addition to Euler Hermes, the guarantees of the transactions were made the following government agencies: SACE (Italy), MEHIB (Hungary), SEC (Slovenia), FINNVERA (Finland), EX-IM BANK (USA). The total volume of foreign trade financing, sold Absolut Bank in 2004, exceeded 182 million U.S. dollars.
