OREANDA-NEWS. October 31, 2008. VTB Bank has launched its retail funding actions within the State Retail Chain Support Program. “Magnit” Group received the first tranche amounting to RUR 300 million, reported the press-centre of VTB Bank.

Totally, the Magnit chain of retail stores is expected to get about RUR 2.5 billion to be channeled into its working capital.

“I’d like to highlight VTB prompt decision-making and highly professional approach to implementing this project which, I hope, will be a good start for our mutually reinforcing strategic partnership,” said Khachatur Pambukhchan, Financial Director of Magnet Group.

Aiming to develop business with this industry, VTB has presently a pipeline of about RUR 18 billion financing requests from the leading retail companies, including X5 Retail Group, The Seventh Continent, DIXY, Lenta, Holiday, Kopeika, and Patterson. Interest rate under the loans to be made to these companies will average 18 per cent.