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VTB expands cooperation with United Engine Corporation

27 August 2013

Vladislav Masalov and Valery Lukyanenko © VTB Bank Press-office, Alexander Panov

VTB Bank signed a strategic cooperation agreement with United Engine Corporation during the 2013 MAKS International Aviation and Space Salon in Zhukovsky.

The document was signed by  Valery Lukyanenko, member of VTB Bank Management Board, and UEC General Director Vladislav Masalov.

The agreement documents major areas of cooperation between the bank and Russia’s leading aircraft engine and gas turbine manufacturer, and is expected to enhance coordinated efforts to improve banking services for UEC.

The bank works with all of UEC’s major companies including NPO Saturn, Perm Engine Plant, Kuznetsov, Saturn Gas Turbines, Ufa Engine Industrial Association (UMPO), and state gas-turbine R&D centre Salyut, which is to be incorporated into UEC.

VTB has extended over RUB 55 billion worth of loans and trade finance products to these companies within their total credit limit, which exceeds RUB 100 billion.

United Engine Corporation is an asset management company and a subsidiary of Oboronprom. The UEC holding company incorporates over 85% of Russia’s leading Russian engineering companies specialising in the design, commercial production and maintenance of gas turbine equipment, as well as the sector’s main component producers. UEC views it as its priority to implement comprehensive business development programmes at the sector’s companies, and to introduce new technologies that are up to international standards.

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