VTB Bank has opened a seven-year RUB 850 million credit line for Ruskom Group, the biggest food producer in Omsk Region. The loan will be used to increase production of broiler chicken meat at the Morozovskaya poultry farm and to finance a turkey egg hatching project.
VTB has worked with Ruskom since 2013. Apart from loans, the company uses the bank’s payment and cash services and assistance in carrying out currency transactions.
Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said: “VTB has supported another Ruskom Group project aimed at completing the modernisation of its broiler chicken meat production capacity. This has made it possible to boost output by 300 percent and to make the turkey-rearing process self-sustained and independent of outside suppliers. I am confident that long-term financing of one of the leaders of the Siberian meat-packing industry will strengthen its market position.”