OREANDA-NEWS. October 5, 2009. The Bank of Moscow has won a tender to extend a non-revolving line of credit to JSC Southern Telecommunications Company (JSC STC) with a limit of 1 billion roubles for a period of 3 years . The interest rate on the credit will be 13.86% per annum. The funds will be allocated for financing the operations of JSC STC and its subsidiaries.

In August 2009, the Bank of Moscow also won a tender for the right to open a credit facility for JSC STC. On 23 September 2009, JSC STC signed a credit agreement with t he Bank of Moscow for a sum of 3 billion roubles for a credit utilisation period lasting until 16 September 2012 (inclusively) and at an interest rate of 15.64% per annum.

Previously, in 2005-2008, the Bank of Moscow had already extended credits to JSC STC – a long-term loan of 2 billion roubles and an overdraft of 500 million roubles. The Bank of Moscow is one of the banks servicing JSC STC and its structural subdivisions in the Rostov Region, being responsible for the payroll project for the company’s employees. The Bank has actively participated in placing and acquiring JSC STC bonds.