VTB Bank, one of Russia's leading universal banks, recently approved a certificated credit of $28 million for Faradei, a Russian manufacturer of military, field and active leisure footwear.

Faradei will use the money to finance its operations, tender bids and as security under contracts.

"VTB has been working with Faradei, a leading manufacturer in the Tambov region, for over a year," Mikhail Oseevskiy, the deputy president and chairman of VTB Bank's management board, said. "I'm sure that our cooperation will continue to benefit not only our companies but also the region in general."

Established in 1996, Faradei upgrades its production capabilities to fulfill complicated contracts and to manufacture footwear that meets the strictest requirements.

VTB Bank and its subsidiaries form the VTB Group, which offers a wide range of banking services and products in Russia, the CIS, Europe, Asia, Africa and the U.S. The group's largest subsidiaries in Russia are VTB24, the Bank of Moscow and TransCreditBank.