Acting under governmental program to support retail trade network, VTB Bank keeps on lending to JSC The Seventh Continent, a leader in the Russian retail market.
VTB made a short-term loan amounting to RUB 500 million. The funds will be channeled into financing current operating activities of the retailer.
The volume of the credit limit set by the Bank to the retail trade network amounts to RUB 2.5 billion.
There is a pipeline of applications for VTB financing from the leading retailers totaling more than RUB 30 billion.
JSC The Seventh Continent was established in 1994. It is an international retail trade network and one of the leading retailers in Russia. The company conducts its business in two main formats - supermarkets and hypermarkets. As of late January 2009, the shops are located in Moscow and the Moscow Region (119 supermarkets and 3 hypermarkets), in Kaliningrad and the Kaliningrad Region (10 supermarkets), St. Petersburg (1 hypermarket), Ryazan (1 hypermarket), Chelyabinsk (1 hypermarket), Minsk the Republic of Belarus (1 hypermarket), Perm (1 supermarket and 1 hypermarket) and in Yaroslavl (1 supermarket and 1 hypermarket