Acting within the State Retail Chain Support Program, VTB Bank is ready to finance X5 Retail Group N.V. - the largest retail company in Russia in terms of sales.
VTB Bank has made a decision to set a RUB 7 billion credit limit for an eighteen month period for X5 Retail Group. The Company plans to channel the funds into replenishing its working capital.
Presently, VTB has a pipeline of finance requests from leading trade enterprises totally exceeding RUB 30 billion.
X5 Retail Group N.V. is the largest retail company in Russia in terms of sales.
As of 30 September 2008, the Company managed 1027 stores located in Moscow, St.Petersburg and other regions of the European part of Russia, as well as in the Urals, and in Ukraine. A multi-format network of the Company also includes 794 "Pyaterochka" food stores within its "soft discounter" format, 191 "Perekrestok" supermarkets and 42 hypermarkets. Since May 2005, X5 Retail Group N.V shares have been listed in the London Stock Exchange as Global Depositary Receipts. The Group's pro-forma net sales for the nine months of 2008 have reached USD 6,479 million.