VTB Bank approved a 500 million ruble line of credit to finance the building of a Magnit chain warehouse, the bank said Thursday.
The credit line will allow Privolzhtrabsstroi, a construction company, to build a warehouse in Penza for the retail chain Magnit, which is owned by Tander. The company intends to store food and other supplies at the warehouse.
“VTB Bank has been working with Privolzhtransstroi for over five years, offering it a wide range of transaction banking services," Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said. "The issue of bank guarantees marks a new stage in the history of our partner relations.”
Privolzhtransstroi CEO Vladimir Ivashchenko said the company has a history of constructing Tander facilities throughout Russia and VTB is a strategic partner.