OREANDA-NEWS. On April 24, 2008 VTB Bank and OJSC Mechel have singed a long-term mutually rewarding Cooperation Agreement aimed at implementing perspective projects and developing programs of the leading Russian mining and metal company, reported the press-centre of VTB.

For VTB, the Agreement was signed by Andrei Kostin, VTB Chairman and CEO, for Mechel – by Igor Zyuzin, CEO and Director. 

The Agreement is based on the long positive history of the cooperation between VTB and Mechel, which started in 2001, and also on mutual interest of the parties in further development of partnership relations.

Under the Agreement, VTB will be invited as a credit institution to finance current and investment activities of OJSC Mechel, and to service other financial operations. VTB is to act as a project advisor on developing and improving international and internal settlements and introducing modern technologies of financial resource management to increase the efficiency of Mechel performance. 

Developing partnership relations with metallurgical enterprises, which are among the priority lines of VTB business, the Bank strives to implement a complex approach and meet customer demands at all stages of their business growth and diversification, offering a wide range of banking products and services. Total volume of documentary credit limits, set by VTB to ferrous and non-ferrous metallurgical enterprises, is exceeding RUR 315 billion.