In December 2011, VTB Bank issued bank guarantees totaling RUB 391,839,284 to JSC “Novosibirsk Aircraft Production Association named after V. P. Chkalov” (NAPO) through its Novosibirsk branch.
The guarantees were issued to secure the proper execution of the state contracts for manufacturing and supplying equipment and spare parts for the operation of SU-34 aircraft.
According to Valery Lukyanenko, a member of VTB Bank Management Board, “The demand for VTB Bank guarantees as a universal tool aimed at securing the proper execution of contract obligations is becoming higher both in Russia and abroad. First of all, they are highly rated international obligations of the Bank accepted without any limitations by counterparties all over the world.”
NAPO is a major aircraft manufacturer in Russia, being part of the Sukhoi aircraft holding company. In addition to the state defense order performance, since 2004 the company has been implementing the Sukhoi Superjet 100 Project (SSJ-100) together with Russian and foreign partners.