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Tuesday, November 20, 2018

VTB finances TopProm with three-year loan

VTB Bank recently signed a three-year loan agreement with Kuzbass-based coal holding company TopProm.

TopProm will use the agreement, worth $14.26 million, to finance its operations.

"Working with regional enterprises working in important sectors is one of VTB Bank's priorities," Mikhail Oseevskiy, the deputy president and chairman of the VTB Bank management board, said. "This agreement marks a new stage in our business relationship with a high-tech southern Kuzbass coal enterprise."

TopProm Group has worked in the coal industry since August 2000. The company is made up of 13 enterprises. Its core asset is TopProm. It also includes the Shchedrukhinskaya, Taibinskaya and Koksovaya enrichment plants and the Yubileinaya coking coal mine. TopProm focuses on coal production, enrichment and consumer sales.

VTB Bank was established by the RFSFR State Bank and Ministry of Finance in October 1990 to service Russia's foreign economic transactions and promote the country's integration into the global economy.