18 April 2014
VTB Bank has opened a three-year credit facility to Voronezh-based metal trader Protec Group with a limit of RUB 1.05 billion. Protec will use the funds to replenish working capital to expand its warehouse stock.
VTB’s partnership with Protec, one of the leading metal traders in the Central Federal District, began in 2010, with the bank providing cash and settlement services as well as loan financing.
«VTB has worked with Protec for over four years, and Protec has proven itself a bona fide borrower over that period," Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy
said. «I am confident that our future cooperation will be fruitful as well and will help this major metal trader maintain its leading position on the market and boost production, creating additional jobs in the Central Federal District.»
«We welcome the development of our long-term partnership with VTB," Protec Group General Director Lev Polyansky said. «We are a fast-growing and expanding company. We are widening our product range and are sure that this loan facility will help us grow.»
Protec Group is one of the largest companies in the Central Federal District supplying local construction companies with a wide range of building and decoration materials, from metal bars, sheets and pipes and cement to paints, varnishes and lacquers, and roofing materials. The company is also developing its own production facilities to manufacture welded mesh, profiled flooring, metal tiles, and structural sections. The company topped the Russian Union of Metal Product Suppliers’ 2012 ranking of the Central Federal District companies (excluding Moscow and the Moscow Region).
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