VTB Bank has approved a RUB 500 million loan guarantee for Praskoveya Winery (Praskoveyskoye LLC), the oldest winemaking company in Stavropol Territory, southern Russia. The guarantee has been given to the Federal Service for Alcohol Market Regulation, as well as customs and tax agencies.
The company will use the loan guarantee to meet its obligations without having to tap working capital.
"Stavropol Territory has always been a grape growing and winemaking region," said Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board. "It has the best vineyards and hence the best wineries and brandy distilleries [in Russia]. Praskoveyskoye is a famous Soviet brand with more than a hundred years of history and an example of efficient farming and business practices. We are glad to have the opportunity to work with Praskoveya Winery and we intend to steadily advance our partnership."
"In a highly competitive market, banks have to consider the individual needs of clients and offer solutions that are optimal for each client," said Boris Pakhunov, Chairman of the Board of Directors of Praskoveya Winery. "This is why we carefully studied proposals from different banks in our region. The choice of VTB Bank was based on more than economic calculations. We were impressed by the bank’s personalised approach and efficiency."
Praskoveyskoye LLC, established in 1898 in the village of Praskoveya in the Stavropol Territory, makes high-quality brandies and wines.
The company has several factories in Russia and Europe (France and Bulgaria) that produce over 40 brands made from grapes grown in their own vineyards. The vineyards’ total area exceeds 450 hectares. Praskoveya Winery has a chain of 30 shops and tasting rooms in the Stavropol Territory, Nizhni Novgorod and Moscow, and also sells its wines and brandies through trade partners and dealers. New shops selling Praskoveya wines and brandies open in Russia every year.