VTB has set a limit on guarantee operations for JSC Pharmstandard liabilities to Chinese suppliers. In this context, VTB Bank Branch in Shanghai started issuing first guarantees amounting to USD 1 mln. The Bank intends to increase the volume of such operations with Pharmstandard.
Olga Dergunova, Member of VTB Management Board said: “The limit set complies with our business development strategy in China, designed to strengthen VTB leadership positions in corporate banking and households servicing both in Russia and in China. Cooperation with China, one of the fastest growing economies, contributes to VTB development as an international financial group.”
JSC Pharmstandard is a leader in the Russian pharmaceutical industry producing advanced medical products of more than 250 names, with 86 of them included in the Essential Drug List. The leading brands are Arbidol, Komplivit, Pentalgin, Amiksin and others. The company has 3 up-to-date factories such as OJSC Pharmstandard-Leksredstva in Kursk, OJSC Pharmstandard UfaVITA in Ufa, OJSC Pharmstandard-Tomskchemfarm in Tomsk and JSC Tyumen Plant of Medical Equipment and Tools (TZMOI) in Tyumen. The sales volume in 2009 amounted to over RUB 24 bln.