VTB Bank has issued a letter of credit limit for RUB 1.2 billion to Slata Group to finance its operations and an investment project to expand the Slata retail chain in Irkutsk.
Slata is a leading wholesale and retail food chain in Irkutsk Region in Eastern Siberia. In 2014, it plans to open 11 Slata supermarkets with a total floor space of about 9,000 square metres. The group is building two shopping centres in Irkutsk with financing from VTB.
«Investment financing is a priority area for VTB Bank that helps to grow its clients’ businesses. A vivid example is Slata Group, which has been growing fast in cooperation with our bank," said Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board.
The Slata Group of Companies was established in 1996 as a tobacco wholesaler. Since then, it has diversified into food distribution in the Irkutsk Region and the Republic of Buryatia and food retail in the cities of Irkutsk, Shelekhov and Angarsk, where it has 38 Slata supermarkets and seven Slavny convenience stores working in the next door format, as well as development and logistics.