VTB continues to finance Russian Sea
Developing its cooperation with Russian Sea Group of Companies, VTB Bank has granted JSC Russian Fish Company a RUB 1.4 billion facility maturing in September 2012, reports www.megafishnet.com with reference to VTB Bank.
The company will channel these funds to replenish its working capital in order to purchase primary commodities for Russian Sea Group of Companies, fish and seafood. This loan agreement allows VTB to maintain long-term partnership with the company.
The long-term cooperation between VTB and the Group has been mutually rewarding. VTB services all settlements related to Russian Sea's foreign trade activity, i.e. foreign exchange operations and currency control. Besides, VTB24 is engaged in the payroll project for the Group employees. Russian Sea Group of Companies is also an active user of the Bank's depositary services.
Russian Sea Group of Companies comprises JSC Russian Sea and JSC Russian Fish Company.
JSC Russian Fish Company is Russia's largest trader of frozen and cooled fish and seafood. This company accounts for up to 70% of the Group's proceeds. The company imports about 80% of all purchased products, and has long-term contractual relations with foreign and domestic fishery leaders.