VTB Bank has agreed to provide a 2 billion ruble credit facility to Carcade Leasing, a
Carcade plans to use the funds to buy more vehicles for subsequent lease. The company intends to draw down the remaining 1.5 million rubles of the facility before the end of September.
Senior Vice President and head of the Regional Network Department at VTB
"Having the confidence of one of the largest banks in Russia is an important indicator of a leasing company’s effectiveness and sustainability," said Dmitry Chernyshov, director of treasury and external financing at Carcade. "Carcade continues to successfully attract investment, despite current levels of volatility in the financial markets".
Carcade has been a VTB Bank client since 2004, using the bank for transactions and cash services as well as taking out loans.
Carcade is a leasing company 100% owned by foreign investors. It is part of Poland’s Getin Holding S.A., one of the largest financial corporations in Central and Eastern Europe.
Getin Holding S.A. (Poland) is one of the largest financial corporations in Central and Eastern Europe, established in 1996. It includes banks, leasing and financial companies, brokerages and an investment fund. The holding company’s share capital stood at $215.3 million (at the Russian Central Bank’s cross rates) as of January 1, 2012, and total equity at $1.843 million.