VTB Bank has opened a RUB 1 billion credit line to Lysva Metal Company for a period of two years to finance the current operations of the Lysva steel plant, one of the group’s production units.
"We have a long-term and systematic relationship with LMC Group," said Yuri Soloviev, First Deputy President and Chairman of the VTB Bank Management Board. "This new loan will allow the plant, which has produced successful results and increased production every year, to continue its successful development."
Andrei Deineko, CEO of the LMC Group management company, said: "The Lysva steel plant’s products are in high demand from the market. Although the changing economic situation has affected its operations, the plant continues to grow and expand its product range. VTB is an old and reliable partner of the group. Cooperation with VTB confirms the company’s stable financial standing, and that LMC is a reputable market player."
VTB Bank and its subsidiary banks and financial institutions (VTB Group) is a leading Russian banking group, offering a wide range of financial and banking services in Russia, the CIS, Western Europe, North America, Asia and Africa.
In Russia, the Group conducts its banking operations through a parent bank (VTB Bank) and a chain of subsidiaries, the largest of which are Bank of Moscow and VTB 24. Its units provide stock market services, insurance services, leasing, factoring and other kinds of financial services.
VTB Group currently operates a large international network, something unique for a Russian bank, with over 30 banks and financial companies in more than 20 countries around the world.
As of 30 June 2015, VTB Group is ranked the second largest financial group in Russia by assets (RUB 11. 743 billion) and by clients’ resources (RUB 6.078 billion). The Government of the Russian Federation is its beneficiary holder, represented by the Federal Agency for State Property Management, with 60.9% of the bank’s share capital.