Absolut Bank Opened for "Obuv Rossii" GC a Credit Line for 500 Million Rubles
Absolut Bank and "Obuv Rossii" Group of Companies have signed a credit agreement: an unsecured revolving credit line for 500 million rubles will be opened for the group for the period till 01 March 2019. The money will be used to replenish the current assets and to finance the current activity of the group.
"Absolut Bank" and "Obuv Rossii" have been cooperating since October 2014. This new deal is the continuation of joint work under the established credit limit. "We are grateful to the bank for fruitful cooperation," comments Anton Titov, Director of "Obuv Rossii" GC. "Financial support on the part of the leading representatives of the Russian banking sector such as "Absolut Bank" allows the company to successfully develop and to implement new projects."
"For the bank the cooperation with the large enterprises from the number of leaders that play a key part in different branches of economy is a part of our development strategy," comments Vyacheslav Bezrukov, Executive Director for Corporate Work of Ablosut Bank. "It is important that now "Obuv Rossii" GC pays attention to growth and modernization of its own production and makes a great contribution to the increase of competitive ability of our economy."
In 2015 and in the first half-year period of 2016 "Obuv Rossii" under the program of production development invested 800 million rubles in the modernization of its production facilities and purchase of new equipment. By the end of this year, the amount of investments will increase by 250 million rubles more. In 2016 "Obuv Rossii" entered new sales markets: it produced a test batch of footwear for the Far North, started to produce canvas (plimsoll) shoes and summer shoes of the semi-sport style, opened a shop to produce military footwear under the joint project with "Largos".