Vneshtorgbank (VTB) and Oboronprom United Industrial Corporation (OPK Oboronprom) signed a Cooperation Agreement, reflecting a favorable background of the Bank's partnership with defense enterprises, and intention of VTB and leading Russian integrated production and investment group to further develop mutually beneficial cooperation.
The Agreement was signed by Igor Zavyalov, Deputy Chairman of Vneshtorgbank and Denis Manturov, General Director of OPK Oboronprom.
Under the Agreement the Corporation will invite VTB as a major bank to service OPK Oboronprom and its enterprises. Besides standard bank-customer relationship, the parties will cooperate in implementing investment and other projects, carried out by Oboronprom and its subsidiaries. Alongside foreign financial institutions, Vneshtorgbank will finance current activities and investment projects of the Corporation, and also perform as a priority partner in arranging loans in domestic and international markets.
Moreover, as a strategic partner, the Bank will offer OPK Oboronprom services aimed at executing and raising funds for corporate control transactions, such as asset acquisition, disposal or restructuring, as well as attracting new shareholders.
Once implemented within the framework of the Agreement modern technologies of finance management will facilitate the development of international and domestic settlement systems of the Corporation and increase its performance in general.
OPK Oboronprom is a multifaceted production and investment group. Its shareholders are Rosimuschestvo (51%), FGUP Rosoboronexport (31,13%), the Republic of Tatarstan (15,07%) and JSC Rostvertol (2,79%). In accordance with the Decree of the President of the Russian Federation of November 29, 2004 and the Governmental Decree of May 6, 2005 the Corporation is a major company of helicopter production holding. Among members of the holding are JSC "Mil" Moscow Helicopter Plant, JSC "Kamov" Company, Ulan-Ude Aviation Plant, Kazan Helicopter Plant, JSC Rostvertol, Stupino Machine-building Production Enterprise, "Vpered" Moscow Machine Building Plant, JSC "Kamov"-Holding. Also, OPK Oboronprom has control over 75% of JSC Defense Systems shares, 100% of Oboronpromleasing shares, and shares of other companies.