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VTB cuts lending rates for strategic enterprises

24 July 2009

Within its program of supporting the real sector of Russian economy, in July 2009, VTB began to lower lending rates to enterprises of strategic importance.

The rates were reduced primarily for mid-term and long-term loans issued by the Bank. On the average, rates decreased by 200-300 basis points.

Among the borrowers for whom  lending rates were lowered are JSC Chernyshev Machine-Building Enterprise (Moscow), NPO Saturn, OJSC Concern PVO Almaz-Antey, JSC Motorostroitel, FGUP State Transport Company RUSSIA, JSC State Scientific Center "Research Institute of Atomic Reactors", JSC Ural Steel, JSC "Oskol Electrometallurgical Plant", Kaluga Scientific Research Radiotechnical Institute, etc.

Andrey Kostin, VTB President and Chairman of the Management Board, said: "Russia’s Government and the Bank of Russia are taking actions to bolster lending support to the real economy. Cutting lending rates for strategic enterprises by VTB Bank is expected to encourage lending to key domestic industries and enhance the availability of funds for the Bank’s customers".

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