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VTB develops cooperation with space industry

11 July 2011

© RIA Novosti, Valerii Melnikov

JSC VTB Bank enhances cooperation with enterprises of space and rocket industry. Thus, within the documentary credit limit opened by the Bank to JSC “Information Satellite Systems” Reshetnev Company, JSC VTB Bank Branch in Krasnoyarsk issued a tender bank counter-guarantee for USD 2.5 mln in favor of PT Bank Mandiri (Persero) Tbk, an Indonesian bank.

The Company will use the counter-guarantee to participate in the international tender to be opened by PT INDOSAT Tbk. to develop and launch PALAPA-E satellite system.

Citing Valery Lukyanenko, “the transaction is another clear evidence of VTB Group sound standing in the global arena and high level of foreign banks’ confidence in the Bank.”

For reference:

JSC “Information Satellite Systems” Reshetnev Company is Russia’s leading space enterprise, and a principal company of the space and rocket industry in the Federal special target program “Global Navigation Satellite System “GLONASS”.

The company has participated in more than 30 space programs in communications, TV retransmission, navigation, land surveying and research.

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