IBcontacts Company Expands Its Business Activity Within Conducting Credit Researches For Companies From CIS Countries and Europe

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At the end of December 2012, IBcontacts company and the Hungarian state export credit agency MEHIB signed an agreement to extend strategic cooperation in the field of export trade finance attraction and development of trade relations between Ukrainian and Hungarian companies.

Kiev, Ukraine, January 28, 2013 - (PressReleasePoint) - IBcontacts company expands its business activity within conducting credit researches for companies from CIS countries and Europe

At the end of December 2012, IBcontacts company and the Hungarian state export credit agency MEHIB signed an agreement to extend strategic cooperation in the field of export trade finance attraction and development of trade relations between Ukrainian and Hungarian companies.

According to the agreement which was reached and came in to force as from 2013, IBcontacts company has been authorized by MEHIB to conduct credit research and assess the creditworthiness of the companies not only from Ukraine, but also from CIS countries and Europe.

Cooperation between IBcontacts and MEHIB started in May 2011. Company has conducted credit research and assigns credit ratings to Ukrainian corporate borrowers requested by MEHIB for nearly 2 years. In 2011 we have conducted credit researches on 68 companies, and in 2012 the number of companies increased to 95. All those companies attracted more than $38 million of export financing from Hungary under MEHIB coverage.

It’s worth mentioning that MEHIB insures the financial risks of all Hungarian exporters operating with foreign buyers within trade and investment projects on export trade finance attraction.

Hungary is an important trade partner of Ukraine. Economic links between our countries are growing rapidly. During ten month of 2012 the bilateral trade turnover between Ukraine and Hungary amounted $ 2.21 billion, which is 2.3% more compared to the same period of the last year. During 10 months of 2012 there were sold Ukrainian domestic goods amounted $ 1.25 billion on the Hungarian market (2.2% of total Ukrainian exports) compared with $ 1.07 billion of the previous year. The major exports are electrical machinery, ferrous metals and petroleum products. In great demand on the Ukrainian market are the products of Hungarian electric engineering, chemical industry (polymers and plastics) as well as the pharmaceutical products.

Managing Director of IBcontacts company Katerina Barabash commented on the signing of this agreement: "IBcontacts company and Hungarian state ECA MEHIB formed a long-term partnership. We are constantly working to expand the format of our cooperation and to ensure companies from CIS countries with more opportunities for attracting financing from Hungary on the most favorable terms. We appreciate and evaluate the high degree of confidence expressed to our company and will continue to provide comprehensive business information and conduct qualitative credit researches".



Reference information

IBcontacts company specializes in the development of international trade relations and provides services on international export (trade) finance attraction, preparation of business documentation, risk management, market research and legal support for international transactions.

IВcontacts collaborates with more than 23 insurance and financial organizations in 43 countries and has the unique status of an authorized company for conducting credit researches and assigning credit ratings to companies from CIS countries and Europe for 8 foreign export credit agencies. IBcontacts company is the member of Association of Executives in Finance, Credit and International Business (FCIB) and Federation of Business Information Service (FEBIS).

The Hungarian Export Credit Insurance Pte Ltd. (MEHIB) - is the biggest Hungarian insurance corporation that was founded in 1994 by Hungarian government in order to support Hungarian exporters as well as ensure the effective financial risk distribution of Hungarian export and further development of the export financing and insurance system according to the international standards.