VTB Bank has agreed a five-year RUB 1.4bn loan with the Smile Group ,the exclusive distributor of Procter & Gamble (P&G) and Nestle products in Russia. The funds will be used for investment projects and general corporate purposes.
VTB began working with Smile in October 2015 and has become the company’s main bank, offering a full range of services, including payments and settlements, a payroll scheme and support for its international economic activity.
Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said. “This loan from VTB will enable Smile to continue its successful development through investment projects and maintain the company’s strong growth. VTB is committed to long-term cooperation with the exclusive distributor of P&G and Nestle products in Russia, and intends to support its most ambitious future projects.”