JSC VTB Bank and JSC North-West Telecom (“NWT”) have entered into two revolving credit facility agreements. The RUB 3 billion and RUB 2 billion loans maturing in 3 and 5 years, respectively, will be channeled into business activities stipulated by NWT’s Articles of Association.
Provision of funds to JSC North-West Telecom, one of the largest Russian telecommunications operators, is aimed at enhancing its further development in the region.
JSC VTB Bank and its subsidiaries (VTB Group) are a leading financial group in Russia, providing a wide range of banking services in Russia, the CIS, Western Europe, Asia and Africa.
The Group’s network consists of 957 offices in Russia, the CIS and Europe. Outside Russia the Group operates via 12 subsidiary banks located in the CIS (Armenia, Ukraine, Belarus, Kazakhstan and Azerbaijan), Europe (Austria, Cyprus, Germany, France, and Great Britain), Georgia, Africa (Angola), three representative offices located in Italy, China and the Republic of Kyrgyzstan, two VTB branches in China and India, and two VTB Capital plc branches in Singapore and Dubai.
As of September 30, 2010, VTB Group was the second largest financial group in Russia in terms of assets (RUB 3,753 bln) and customer accounts (RUB 1,839 bln).
The major stakeholder of VTB is the Government of the Russian Federation represented by the Federal Agency for the State Property Management with 75.5% of the Bank’s share capital.
JSC North-West Telecom is the largest fixed telecommunications operator in the North-Western Federal District of Russia. The company offers a wide range of telecommunication services, including local and intrazonal telephone communication, services of data transmission, and access to the Internet. It provides services to over 4.5 million fixed communication users and more than 900,000 broadband Internet access users, and operates a payphone network covering the whole North-Western District.