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UAZ borrow RUB 3 bn from VTB

Posted by John Bonar on Tuesday, 04 October 2011 08:44 | Published in Automotive

JSC VTB Bank has granted a RUB 3.3 billion to JSC Ulyanovsk Automobile Plant. Part of the funds will be channeled into the ongoing operations. JSC UAZ is a part of SOLLERS Group whose facilities produce Russian UAZ SUVs and Korean SsangYong SUVs, as well as petrol and diesel ZMZ engines.

Serving car industry companies is one of the most significant business-lines of VTB Bank due to its strategic importance for economic development of Russia. Cooperation between VTB and SOLLERS Group companies has been developing for over 5 years. Apart from financing, VTB Bank provides all types of banking products to the Group companies including settlement services, currency control, FX transactions, banking guarantees, and deposits.

According to Nikolay Ustinov, Senior Vice President of VTB Bank, “the Bank is interested in developing long-term partnership with car manufacturers and always ready to support steadily growing companies”.

UAZ borrow RUB 3 bn from VTB