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VTB provides credit to Teploenergo

27 May 2015

VTB provides credit to Teploenergo.

VTB Bank has opened a RUB 741 million credit line for 7 years to Teploenergo. The funds will be used to finance the company’s investment programme.

«The Nizhny Novgorod Region is devoting particular attention to housing and public utilities, and our bank has supported major players in this field for a number of years," Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said. «Our considerable experience allows VTB to actively promote our clients’ housing and utility projects all over Russia.»

«VTB is one of the most dynamic and competent banks," said Director General of Teploenergo Vladimir Kolushov. «We appreciate dealing with them. Our relationship shows great confidence. As well as boosting our company’s financial stability, long-term funding inspires us to launch new projects.»

VTB Bank has worked with Teploenergo since 2013, when the bank extended a RUB 1 billion credit line towards the reconstruction of the company’s running heat and power installations.

Teploenergo is the main heating provider in the city of Nizhny Novgorod, accounting for more than 50% of heating and hot water supplied to corporate and private consumers. The company’s sole shareholder is Nizhny Novgorod Municipality.


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