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VTB extends cooperation with backbone companies

17 February 2010

Under its program to support domestic backbone companies, VTB Bank has provided RUB 5.3 billion to OJSC Russian Machines to refinance the loan granted to it earlier by Alfa-Bank.

The company has used the funds to restructure a significant part of its credit portfolio.

According to Valery Lukyanenko, member of VTB Bank Management Board, these funds were granted as part of VTB’s active participation in the automotive industry support program.

For reference:
OJSC Russian Machines was established in 2005 through a merger of machine-building assets of Basic Element Group, and operates in a number of business lines, including automotive, aviation, railway, military and other industries.
The largest members of Russian Machines holding are:
GAZ Group, Russia’s leading producer of commercial transport;
Aviacor aircraft plant specializing in building, repair and supply of spare parts for Tu-154M and An-140 airliners.
Russian Transport Machine-Building Corporation, a railway industry holding specializing in production of freight cars, units and components of rolling stock.
Military-Industrial Company, dealing in development, production, sales, repairs and disposal of military products.

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