VTB Approves New Loan Guarantee for Praskoveya Winery
OREANDA-NEWS. April 09, 2014. VTB Bank has approved a RUB 500 million loan guarantee for Praskoveya Winery (Praskoveyskoye LLC), the oldest winemaking company in Stavropol Territory, southern Russia. The guarantee has been given to the Federal Service for Alcohol Market Regulation, as well as customs and tax agencies.
The company will use the loan guarantee to meet its obligations without having to tap working capital.
"Stavropol Territory has always been a grape growing and winemaking region," said Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board. "It has the best vineyards and hence the best wineries and brandy distilleries [in Russia]. Praskoveyskoye is a famous Soviet brand with more than a hundred years of history and an example of efficient farming and business practices. We are glad to have the opportunity to work with Praskoveya Winery and we intend to steadily advance our partnership."
"In a highly competitive market, banks have to consider the individual needs of clients and offer solutions that are optimal for each client," said Boris Pakhunov, Chairman of the Board of Directors of Praskoveya Winery. "This is why we carefully studied proposals from different banks in our region. The choice of VTB Bank was based on more than economic calculations. We were impressed by the bank’s personalised approach and efficiency."