VTB Bank has granted a 3-year RUB 15 billion loan to Russian national long-distance operator Rostelecom. The loan funds will be channeled for backing the company’s operations, investment activities and current liabilities.
Yuri Soloviev, First Deputy President and Chairman of the Management Board of VTB Bank, said: “VTB is always supporting strategic initiatives of the Group’s long-term partner Rostelecom. By backing the national service provider we set a vivid example of VTB’s support to the real sector of Russia’s economy and to one of its promising branches – telecoms sector”.
«By backing the national service provider we set a vivid example of VTB’s support to the real sector of Russia’s economy».
First Deputy President and Chairman of the Management Board of VTB Bank
VTB and Rostelecom have been actively enhancing their cooperation for over 10 years, during which the operator’s loan portfolio has significantly risen. Currently the existing loan contracts between VTB and Rostelecom total about RUB 37 billion, including the newly-granted credit line.
JSC Rostelecom is Russia’s national telecommunications operator, which is the largest in the sector. Today the company holds a set of state licenses to provide a wide range of telecommunications services across all regions of the Russian Federation. Rostelecom has the largest domestic backbone network totaling about 500,000 km, and unique last mile connections to 43 million households in Russia. As a result, over 100 million people in Russia use various services offered by the company. Rostelecom is also an absolute leader on the Russian Internet service market.