Under cooperation with the leading food manufacturers VTB Bank has granted a revolving credit facility to United Confectioners Holding Company. The RUB 2 million loan maturing in 2 years will be channeled into replenishing the company’s working capital.
According to Olga Dergunova, Member of VTB Bank Management Board, “United Confectioners is a major player in the Russian confectionery market and a large VTB customer. The Bank is aimed at developing dynamic activities within the facility agreement and further enhancing bilateral cooperation.”
United Confectioners, a major holding company in Europe, is a member of GUTA Group. It comprises 15 confectionery producers throughout Russia, including such large Moscow companies as Rot Front, Red October, and the Babaevskiy Confectionery Concern. Among the leading brands produced by the holding company are “Inspiration”, “Visit”, “Bruin on the North”, “Alenka”, “Autumn Waltz”, “Red Hat”, “Pushkin Tales”, “Pigeon’s milk”, “Moskvichka” and many others.