VTB Bank and automobile manufacturer Sollers have signed a three-year RUB 2.5 billion loan agreement. The first tranche of RUB 1 billion has already been provided under this agreement. This is a running credit line, which means that Sollers can use the loan funds when and if necessary.
VTB has worked with Sollers since 2003. Apart from loans, VTB also offers the company a wide range of banking products including settlement services, currency exchange and currency control, banking guarantees and other transaction banking services, as well as investment products.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, said: “Sollers Group has seen unprecedented growth since its establishment. Over the past two years, the holding group has set up four joint ventures with leading global auto manufacturers. The relations between VTB Group and Sollers will continue to support our businesses.”
Sollers is a leading Russian automotive holding company that offers a full range of services in the auto industry, from manufacturing to sales and service. The group includes about 50 companies that operate in manufacturing, marketing, financial, maintenance and other areas.
The group’s plants produce Russian UAZ and Korean SsangYong SUVs and also ZMZ petrol and diesel engines. The group has established several joint ventures with the leading global auto manufacturers, which assemble Ford passenger and commercial vehicles and Japanese Mazdas, Isuzu trucks and the Toyota Land Cruiser Prado.