VTB recently took part in the opening ceremony for Arnest's new aluminum cylinder manufacturing line in Nevinnomyssk in Russia's Stavropol region.
"Arnest Group is VTB's strategic partner in the North Caucasus Federal District," Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said in a press release. "We have a high opinion of its financial stability and decided to increase the lending limit. This new business is a dramatic confirmation of how efficiently the earlier loan was used. We are confident that the mutually beneficial cooperation between VTB and Arnest will not only help Arnest Group retain its leadership in Russia and the CIS but also promote its further growth and development in global markets."
In addition to Oseevskiy, the ceremony was attended by Stavropol administrative head Vladimir Vladimirov and Arnest President Alexei Sagal.
"The two years of our cooperation with VTB have convinced us that our partners can provide the requested funds rapidly and on the best conditions for the client," Sagal said. "This is our second successful investment project since we started working with the bank, and is part of our strategy to establish a national aerosol cluster in the region. We look forward to continuing our constructive relationship with VTB."
VTB Bank financed the project, increasing its long-term lending limit to Arnest from $56.9 million to $85.2 million.
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