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VTB expands cooperation with Pharmstandard Group

 
27 July 2011

VTB expands cooperation with Pharmstandard Group.

In July 2011, VTB Bank continued its longstanding cooperation with Pharmstandard by setting a new one-year RUB 3.9 billion documentary limit for the group.

Within the limit set for the group subsidiaries located in various regions of the country, the Bank is planning to provide performance guarantees for medication supply contracts under the public purchase program, issue performance guarantees for contracts in China, open letters of credit and issue VAT refund guarantees.

According to Nikolay Ustinov, Senior VTB Bank Vice President, “partnership relations between VTB and Pharmstandard Group have a lot of potential for further development. VTB Group experience and a broad product line provide a sustainable financial platform for efficient operations of international level manufacturing companies.”

Forreference:

Pharmstandard is a leader of Russian pharmaceutical industry in R&D and production of the medicinal products (its portfolio includes over 250 products, including 86 products on the List of Vital and Essential Pharmaceuticals). Among its market-leading brands are Arbidol, Complivit, Pentalgin, Amixin, and others. The company operates three modern pharmaceutical manufacturing facilities: JSC «Pharmstandard-Leksredstva» in Kursk, JSC «Pharmstandard-UfaVITA» in Ufa, JSC «Pharmstandard-Tomskhimpharm» in Tomsk, and medical equipment factory JSC «TZMOI» in Tyumen. The company’s sales in 2010 exceeded RUB 29 billion. 


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