Alfa-Bank signs an agreement to cooperate with the authorities of the city and region of Rostov on the Don

Vladimir Chub, the governor of the Rostov region, commented by saying that “upon Alfa-Bank’s arrival new opportunities appeared among those who were interested in bringing money into the region. Our meeting today was a milestone reached in developing the local economy. We always valued reasonable and responsible partners, such as Alfa-Bank and Alfa Group.

Within the framework of the agreement, local authorities will guarantee Alfa-Bank information on resources and industry, while jointly providing assistance to finance and develop projects supported by the local budget.

Alfa-Bank will provide the local authorities banking services, including export-import and project financing on a project by project basis.

The bank will also provide assitance in attracting financing in capital markets, participating in developing the material, technical agricultural base, working with foreign investors for individual projects and events organized by the local athorities.

The Alfa-Bank branch located in Rostov, which began working in compliance to the agreement on July 25, 2000, will implement the agreement. Alfa-Bank began participating in regional development programs since January 1999.

The branch extended US$5 million in loans within the first several days of operating. Currently, more than 200 state and commercial organizations indicated their interest in working with Alfa-Bank.

The Rostov branch is located in a building that was acquired and restored by Alfa-Bank. The building, known as the House of Income in the past century, was built in 1870 and is an architectural relic of the XIX century. Restorers rebuilt the building according to old photographs and completely restored its orginal appearance, its interior, erected its central tower with its golden dome, which was destroyed during the Second World War

The opening of the Rostov branch and the signing the agreement were the first step in developing Alfa-Bank’s business in southern Russia. Visiting Rostov, the bank’s management met and negotiated with regional business leaders.

Conducting cultural events, which accompany branch openings and visits by management, has become a great tradition of Alfa-Bank in cities throughout Russia. This time the bank gave the city of Rostov a gift, stars of the Bolshoi Ballet performed at the Rostov Music Theater in the evening of September 7.