The main objective of the agreement is to enable "Financing of joint investment projects and those of the banks' clients, including real estate investment", the banks said in their joint press release.
The parties will form a $1.5 billion initial portfolio for joint investment projects on the real estate market, and Gazprombank will consolidate Evrofinance's minority stakes in a number of media companies incorporated in the Gazprom Media holding.
"The parties are focusing on real estate investment projects in Moscow, the Moscow Region, St. Petersburg, and major regional centers, and prioritize efficient credit insurance cooperation," the statement says.
Evrofinance Mosnarbank was formed in 2003 following the acquisition of Mosnarbank by Bank Evrofinance. Stakeholders include the state-owned Russian banks Vnesheconombank (VEB) and Vneshtorgbank (VTB), the Paris-based Eurobank, and the London-based Moscow Narodny Bank Limited.
