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23 April 2009

Striving to enhance cooperation with Russian priority industries, VTB Bank actively finances the engineering sector.

VTB has extended to AVTOVAZ, one of its strategic customers, RUB 4 billion to replenish the working capital. The deal was agreed by the Parties at the meeting related to implementation of measures on stabilizing and improving the situation in Russian car industry. The meeting took place on 30 March in Tolyatti under the chairmanship of Vladimir Putin, Head of Russian Government.     

The cooperation between VTB and Russia's largest automobile manufacturer has been actively developing since 2002. Over the past year, the parties carried out a number of transactions, including supply of imported equipment to AVTOVAZ. Besides, VTB acted as the arranger of the company's four bond offerings worth RUR 14 billion.

VTB Bank perceives support to the domestic non-financial sector as one of its principal activities. The total volume of documentary credit limits set by the Bank for engineering enterprises, regarded by VTB as a priority direction, has currently exceeded USD 3.5 billion.

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