VTB Bank has opened a credit line of RUB 900 million to Arnest Group, the largest producer of cosmetics, perfumes and household chemicals in spray cans in Russia and the CIS.
The parties have signed initial loan agreements for RUB 600 million for 545 days under that facility. Arnest plans to use the funds to finance its operations.
“Our decisions with regard to borrowed financing are entirely based on economic advisability,” Arnest President Alexei Sagal said. “VTB proposed a very comfortable structure of financing and showed willingness to meet our current needs. That’s why we opted for cooperating with this bank”.
“The start of VTB Bank’s cooperation with Arnest marks an important step in our corporate banking development in the Caucasus,” said Mikhail Oseevskiy, Deputy President and Chairman of the Management Board at VTB. “We aim to develop strategic partnerships with fast-growing companies such as Arnest, to provide a full scope of investment and corporate banking services to them”.