VTB Increases Obuv Rossii’s Lending Limit to RUB 4.5 bln
VTB Bank opened Obuv Rossii a nonrevolving 5-year credit line amounted to RUB 1 bln. The raised money will be used to finance Group’s current operations. The total lending limit of the bank for Obuv Rossii Group has increased up to RUB 4.5 bln.
“We are glad to continue our cooperation with a leading bank in our country that is our key financial partner,” comments Anton Titov, CEO of the Obuv Rossii Group. “Over the past several years, we have significantly increased our business volumes, have opened new lines, have upgraded our equipment and have occupied a leading position in our segment. Alongside other factors, the financial support of the bank allowed us to achieve such good results.”
The head of corporate network department — VTB’s senior vice-president Ruslan Eremenko noted: “Thanks to bank’s financial support the enterprise has implemented several projects contributing to its dynamic development. The partnership with Obuv Rossii, one of the most high-technology companies at the Russia footwear market, is the example of promising manufacturers’ support and contribution to strengthening of different sectors of the Russian economy”.
Obuv Rossii has cooperated with VTB since October 2013. The bank provides support to strategic projects of the Group and finances its ongoing activity. Over the five years of join operation, the total volume of financial support amounted to RUB 8 bln. In addition to lending, VTB provides to Obuv Rossii settlement and cash services, online banking, cash-in-transit services, acquiring, opening of deposits and international economic activity support. VTB Insurance is Obuv Rossii’s partner in corporate insurance and sale of insurance products in retail chains.