VTB Bank Branch in Stavropol lent RUB 50 million to Distar Ltd, one of the largest distilleries in the Kabardino-Balkar Republic. At present, the total loan portfolio of the enterprise at VTB Bank amounts to RUB 350 million.
Within the credit limit set for Distar Ltd, the branch provided it with a bank guarantee exceeding RUB 70 million in favour of the Federal Service for Regulation of Alcohol Market to secure the company’s obligations to use excise stamps.
The funds amounting to RUB 50 million will be provided to purchase raw materials and utilities to expand the product line. In 2011 the company is planning to increase its production volume by 34%.
Distar Distillery Ltd is one of the largest distilleries in the Kabardino-Balkar Republic operating since 2002. It produces about 35% of the region’s alcohol. Currently, the company is producing 45 types of alcoholic beverages.
Since 2007 Distar Distillery Ltd has been VTB’s customer using the Bank’s cash and settlement services, Bank-Customer automated system and borrowings. Cooperation with VTB allows the company to advance steadily and progressively implement a long-term distillery development program.