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VTB lends to JSC UAZ

 
3 October 2011

© RIA Novosti, Aleksey Nikolsky

JSC VTB Bank has granted a RUB 3.3 billion to JSC Ulyanovsk Automobile Plant. Part of the funds will be channeled into the ongoing operations. JSC UAZ is a part of SOLLERS Group whose facilities produce Russian UAZ SUVs and Korean SsangYong SUVs, as well as petrol and diesel ZMZ engines.

 The Bank is interested in developing long-term partnership with car manufacturers and always ready to support steadily growing companies 
Nikolay Ustinov 

Serving car industry companies is one of the most significant business-lines of VTB Bank due to its strategic importance for economic development of Russia. Cooperation between VTB and SOLLERS Group companies has been developing for over 5 years. Apart from financing, VTB Bank provides all types of banking products to the Group companies including settlement services, currency control, FX transactions, banking guarantees, and deposits.

According to Nikolay Ustinov, Senior Vice President of VTB Bank, “the Bank is interested in developing long-term partnership with car manufacturers and always ready to support steadily growing companies”.


For
reference:

JSC Ulyanovsky Automobile Plant is a company in Ulyanovsk established in June 1941. ItisapartofautomobileholdingSOLLERS. JSC UAZ is a Russian manufacturer of four-wheel-drive cars: SUVs, LCVs and ranch wagons.

SOLLERS Group is a Russian automobile company providing a full range of automobile services, from car production to car sales and maintenance. SOLLERS Group consists of over 50 legal entities engaged in sales, finance, operating activities, etc.       

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