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VTB continues lending to retail chains

21 November 2008

Acting within the State Retail Chain Support Program, JSC VTB Bank is enhancing its cooperation with CJSC GRINN Corporation which comprises LINIYA, one of the largest interregional food hypermarket chains.   

The Bank has made a decision to set a RUB 3 billion credit limit for a twelve month period for the Corporation. The company plans to channel the funds into replenishing working capital and making settlements with suppliers. 

Cooperation between VTB and the retailer started in 2003. The amount of credit limit to the company was consistently increasing and total volume of loans extended over this period has amounted to RUB 9.3 billion.   

Presently, VTB has a pipeline of finance requests from leading trade enterprises totally exceeding RUB 30 billion.

For reference:

CJSC GRINN Corporation is a multi-profile enterprise which comprises the largest in the Central Federal Constituency of the Russian Federation interregional food hypermarket chain, LINIYA. Fifteen stores have successfully been put into operation in 8 regions, namely, in the Belgorod Region: one in Belgorod, Stary Oskol and Gubkin, each; in the Kursk Region: one in Kursk and Zheleznogorsk, each; in the Lipetsk Region: one in Lipetsk, Gryazi and Elets, each; two in Voronezh, and Orel, each; one in Bryansk, Tambov and Kaluga, each.

GRINN Corporation is dynamically developing the chain of complexes in such spheres as retail and entertainment, sports and health, and hotels, in the Black Earth Region.

In 2007, the working capital of the company amounted to USD 1 billion. In 2008, according to Expert magazine, GRINN Corporation was ranked 209th among the largest 400 Russian companies.

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