Bank of Moscow Extended to AutoSpetzCentre Group Overdraft
OREANDA-NEWS. December 28, 2011. The Bank of Moscow and AutoSpetzCentre Group have signed a loan agreement in the form of an overdraft with a maximum limit of 400 million RUR.
"The transaction is unique in that the loan is used within the range of products of the Bank of Moscow that assure centralized cash management of all the client’s companies", noted Andrei Germanov, Vice-President of the Bank of Moscow. "Today the Bank is a high tech financial institution able of fulfilling most required and specific tasks of business companies. This is evidenced by a long-term strategic partnership of the Bank of Moscow with the representatives of the domestic automotive retail business including AutoSpetzCentre Group".
AutoSpetzCentre Group – the authorised official dealer of Porsche, Audi, Infiniti, Nissan, Skoda, Citroen, has been working in the sphere of the automotive retail business since 1998. According to the results of 2010 the aggregate proceeds of the AutoSpetzCentre Group Dealer Centres, with due regard for the sales and car servicing, grew by 22% as compared with the preceding year and amount ed to 21.6 billion RUR.