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VTB Bank lends to UMMC Group companies

 
20 May 2013

VTB Bank lends to UMMC Group companies © RIAN

VTB Bank has issued a loan worth over RUB 3 billion to coal company Kuzbassrazrezugol (KZRU), part of the Ural Mining and Metals Company (UMMC). The funds will be allocated as part of a credit facility with a RUB 10 billion limit and a maturity of five years. The company will use the funds to refinance bank debt and finance its current operations.

VTB has worked with UMMC Group since 2004. VTB Bank issues loans to UMMC and also provides it with transaction products, including bank guarantees.

 
 
 
 
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board
«Our partnership with UMMC Group is longstanding and mutually beneficial. Agreements between VTB and UMMC have allowed us to considerably increase the volume of transactions across the entire range of banking products offered by VTB».
Yuri Soloviev,
First Deputy President and Chairman of VTB Bank Management Board

For reference:

Kuzbassrazrezugol (KZRU) is one of Russia’s largest quarry companies producing high-quality coal and is the country’s second largest coal producer by volume. It accounts for 60% to 70% of coal exports to Western and Eastern Europe. Kuzbassrazrezugol is developing 17 coal deposits in the Kuznetsk Coal Basin (Kuzbass), which comprises over 110 coal beds. KZRU mainly produces thermal coal for power stations and a small amount of coking coal.

Tags:
VTB Bank, lending

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