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VTB steps up cooperation with Generation Industrial Group

 
19 May 2014

© photoexpress.ru

VTB Bank has extended a two-year, RUB 750 million credit facility to Generation Industrial Group, a leading manufacturer and supplier of equipment for the mining and energy industries. The borrower plans to use the loan to fulfil contractual obligations towards a major player in the Russian upstream segment. Generation Industrial Group also received RUB 657.5 million worth of bank guarantees, which will also be used to fulfil contractual obligations.

VTB has been Generation Industrial Group’s financial partner for more than 18 months, and previously provided the industrial group with a RUB 423 million loan.

 
 
 
 
Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy.
«VTB Bank partners with major energy companies. Since most of them are holdings, we can offer them a wide range of settlement and liquidity management tools, as well as various financing mechanisms for developing their business and upgrading facilities. I’m confident that the loans and bank guarantees extended by VTB Bank will help Generation Industrial Group expand cooperation with leading upstream players and manufacturers in the oil and gas industry».
Mikhail Oseevskiy.,
Deputy President and Chairman of VTB Bank Management Board

For reference:

Generation Industrial Group is a leading manufacturer and supplier of a wide range of products for oil and gas and heat-and-power engineering industries in Russia and the CIS. The holding company comprises 29 enterprises.

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