A strategic cooperation agreement between VTB Bank and the Narzan mineral water producer has been signed in Moscow. The agreement was signed by VTB Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy and President, Chairman of the Board of Directors of Narzan Vladimir Borodavkin.
The signing of the agreement took place immediately after the approval by the VTB Credit Committee of a RUB 500 million long-term credit line for the development of the Kislovodsk-based company’s water resources and production capacities. The producer is currently implementing an innovative project involving the direct bottling of naturally carbonated Narzan, which removes the need to add carbon dioxide.
Mikhail Oseeevskiy said, “The agreement we have just signed is an emphatic confirmation of VTB’s activity in the regions. Allocating funds for investment projects implemented by regional companies like Narzan is one of the main drivers of growth of VTB business in the regions.”
The Narzan bottling facility was founded in Kislovodsk in 1894 and its products have been popular in Russia and elsewhere for more than 115 years.
Narzan is the biggest supplier of Narzan mineral water, Chaurlet premium drinks, Ice Pearl drinking water and traditional lemonades. The company is one of the core enterprises in Kislovodsk and is of huge importance to the region, both economically and socially.
Narzan owns the exclusive right to use the original place name, Narzan, as its brand.
VTB Bank and its subsidiaries (VTB Group)are a leading Russian financial group providing a wide range of banking services in Russia, the CIS, Western Europe, North America, Asia and Africa. The Group’s sales network includes offices in Russia, the CIS and Europe. Its largest shareholder is the Russian Government, which owns 75.5% of its shareholder capital through the Federal Agency for State Property Management.