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VTB expands cooperation with Amur Shipping Company

25 March 2011

JSC VTB Bank Branch in Khabarovsk increased a credit limit to the Amur Shipping Company up to RUB 550 mln. The funds are to be used to replace the fleet and support the current activities of the company.

Under the fleet replacement program of the Amur Shipping Company, four river-marine vessels will be acquired with the total freight-carrying capacity of 25 thousand tones, and the existing fleet will be renovated. In 2010, the company bought two dry cargo ships under the program supported by VTB funding.

The new development strategy of the Amur Shipping Company focuses on enhancing sea shipping. The use of new, economical and high-speed ships with increased capacity is expected to boost efficiency and competitive advantage of the company in terms of freight rates, cargo types and geography of sea shipping.

JSC VTB Bank and the Amur Shipping Company have been cooperating since 1997. Alongside funding, the Bank services import and export contracts of the company, offers settlement services, provides currency control and accepts deposits. Within the framework of its integrated services, JSC VTB Bank insures the company’s fixed assets and plans to offer leasing, retail services and pension insurance to the company’s employees.

© RIA NOVOSTI. Sergey Veniavsk

For reference:

JSC Amur Shipping Company (ASCO), a holding of Russian Forest Products (RFP) Group) is one of the largest transport enterprises of Siberia and Far East.

The Shipping Company provides passenger and cargo transportation services primarily in the Amur and Jewish Autonomous Regions, Khabarovsk Krai, and also abroad – in Japan, South Korea, the People’s Democratic Republic of Korea, and the People’s Republic of China. The annual fright-carrying capacity of the company is about 1.3 mln tones, with the passenger turnover exceeding 900 thousand.

JSC VTB Bank and its subsidiary companies (VTB Group) are a leading Russian financial group offering a wide range of banking services in Russia, the CIS, Western Europe, Asia and Africa.

As of 30 September 2010, VTB Group is the second largest financial group of Russia in terms of assets (RUB 3,753 bln) and customer accounts (RUB 1, 839 bln). A major shareholder of VTB is the Russian government with a 75.5% stake.

JSC VTB Bank Branch in Khabarovsk has divisions in Komsomolsk-on-Amur, Vanino and Yuzhno-Sakhalinsk. It is a leader in the regional banking market.

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