VTB Bank in April and May 2012 issued five documentary letters of credit totaling over USD 1 million to O’STIN, a Sportmaster Group company, under the Master Agreement on credit facilities signed with Sportmaster in 2010.
Through its accounts with China’s largest banks, VTB Bank also provides yuan-denominated settlement services to Sportsmaster. Thanks to the broad range of solutions offered by VTB, Sportmaster Group can make highly flexible and effective settlement arrangements with its Chinese partners.
Sportmaster Group also uses the recently launched updated version of VTB’s e-banking service, which offers different structures for trade finance transactions.
«We are looking to do increasingly across geographies for our esteemed clients».
Senior Vice President, Head of Global Transaction bank for VTB
Gurinder Nihal, Senior Vice President, Head of Global Transaction bank for VTB stated “We are very pleased to be able to support Sportmaster in different parts of the VTB international network, something that we are looking to do increasingly across geographies for our esteemed clients”
Sportmaster Group is a fast-growing, high-tech international company, and the leading retailer in the sports, outdoor and casual categories in Russia and the CIS. The Group operates under two retail brands: Sportmaster (over 260 stores) and O’STIN (over 400 stores).
Sportmaster Group’s development and design center offers clothes and footwear for the sports and casual markets. The company’s stores are visited by 90 million people a year, and the Sportmaster brand is Russia’s most recognized sports store brand, at over 80% awareness.
Sportmaster and O’STIN have extensive retail chain in all regions of Russia and are continuing to expand.