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Promsvyazbank Opens a Three Billion Rubles Credit Line for Obuv Rossii
Promsvyazbank and Obuv Rossii Group have signed a loan agreement to the amount of three billion rubles. Under this agreement, the Bank provides to the Group a revolving credit line for a term of four years. Obuv Rossii will use the funds for financing working capital and operational activities of the Group.
"We are glad to start cooperating with one of the largest banks in the country, which provides us with new opportunities for financing business development," comments Anton Titov, CEO of Obuv Rossii Group. "Over the past two years, we have been actively increasing the volumes of all the main business lines, including the retail network and footwear production. We have ambitious plans for growth for this year as well, so we can strengthen our leadership position on the market. Therefore, the Bank's financial support will play a major role in the implementation of Group’s long-term development programme."
"Development and support of domestic manufacturers is an important task for Promsvyazbank. It is one of the opportunities for us to perform the tasks set by the national government, — says Director of the Major Corporate Customer Service Department of Promsvyazbank, Artyom Shashkin. — Obuv Rossii is growing fast, modernizing its production facilities, introducing new technologies and increasing its presence all over the country. We appreciate the fact that we can contribute to the business development of Obuv Rossii and therefore contribute to the further formation of the light industry in our country in general, and of the footwear industry in particular."
Obuv Rossii demonstrates strong performance: in 2018, company revenues increased by 9% up to 11.53 billion rubles; the Group opened 192 new stores, 144 of which are directly operated ones, exceeding the network development plan. Obuv Rossii has significantly expanded its footprint, launching sales outlets in more than 80 new cities. This year, Obuv Rossii plans to sustain fast growth and open about 100-150 new stores.
Bank profile:
Promsvyazbank is a universal bank partially owned by the state, it was founded in 1995. The bank is among the top-10 largest banks in Russia and is in the list of systemically important credit institutions approved by the Bank of Russia. Promsvyazbank has been chosen as a base bank for transactions under state defence orders and large state agreements. More than 2.5 mln individuals and more than 200 ths. corporate customers including 10 ths. large ones use Bank services.
Official website of the Bank: https://www.psbank.ru/
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