VTB Bank, Russia’s second largest bank ranked by tier 1 capital
has strengthened its partnership with JSC AVTOVAZ, Russia’s largest
car manufacturer in what Russian news reports have referred to as a
“Cooperation Program for 2008.”
Cooperation between VTB and the AVTOVAZ dates back to 2002. Last
year, a number of deals were implemented, among them – financing
the current activities and equipment imports for AVTOVAZ.
Between 2003 and 2007, VTB acted as an arranger of four bond issues
totaling 14bn rubles (£303m). The partners cooperate within the
credit limit set by VTB for AVTOVAZ Group of companies worth 17bn
rubles for a maximum term of 7 years.
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The recent enhancement enables AVTOVAZ to tap capacities of VTB
and its subsidiaries in financing current and investment demands of
the business. In particular, the program stipulates financing of
leasing programs (including JSC VTB-Leasing involvement),
assistance in bond issues and placement, and credit
programs
