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Russian Federation : VTB expands cooperation with footwear retailer Obuv Rossii

May 24, 2014

VTB Bank has opened a three-year RUB 1 billion revolving credit line to Obuv Rossii. The funds will be used to finance the footwear retailer s investment in opening 120 additional stores in 2014.

In October 2013, VTB Bank and Obuv Rossii signed a loan agreement for RUB 500 million for 1.5 years. The new facility brings VTB s total financing to Obuv Rossii to RUB 1.5 billion.

Obuv Rossii is a fast growing business, said Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy. It has a stable financial position, and the expansion of its retail network will strengthen its foothold in Russia s regions. The company has solid potential for further growth, which VTB will help it attain.

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Source: TendersInfo (India)

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