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VTB finances construction of Magnit retail chain warehouse

 
16 October 2014

VTB finances construction of Magnit retail chain warehouse.

VTB Bank has approved a 500 million rouble documentary credit line for construction company Privolzhtransstroi, under which the company received two bank guarantees worth a total of 428 million roubles for a term of up to 545 days.

The transactions are intended to help the company implement its contract with Tander, Magnit retail chain’s management company, for building a new warehouse to store foodstuffs and non-food items in Penza.

“VTB Bank has been working with Privolzhtransstroi for over five years, offering it a wide range of transaction banking services. The issue of bank guarantees marks a new stage in the history of our partner relations,” Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said.

“We have built similar facilities for Tander in numerous Russian regions. VTB Bank is our strategic partner, and I am confident that its support will boost the dynamic growth of all partners,” said Vladimir Ivashchenko, CEO of Privolzhtransstroi.

For reference:

Privolzhtransstroi was established in Volgograd in 1943. It mostly builds industrial, residential, cultural, social and transport facilities.

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