Bank ZENIT extended credit facility to CJSC "Nizhneserginsky metalware-metallurgical plant"
OJSC Bank ZENIT, parent bank of Banking group ZENIT extended revolving credit facility to CJSC "Nizhneserginsky metalware-metallurgical plant" with limit up to EUR 43 million bearing the date of 31 January, 2011. Respective decision was taken in March, 2009. Funds will be used for replenishment of working capital of the plant.
Decision to extend credit to CJSC "NSMMP" was taken on the back of the plant's sound market position, its reputation of reliable borrower which was proved by long-standing partner relations between OJSC Bank ZENIT and the plant. This credit line is the second within the frame of OJSC Bank ZENIT and CJSC "NSMMP" business relations. The volume of lending totals to RUR3.1 billion.
FOR REFERENCE
Banking Group ZENIT was formed in 2005 as a result of the purchase by Bank ZENIT of a controlling stake in JSB Devon-Credit (OJSC). In 2007, the Banking Group acquired OJSC Lipetskkombank and JSB Sochigazprombank LLC (later renamed into Bank ZENIT Sochi). OJSC Spiritbank (the city of Tula) joined the Group in December 2008. According to the consolidated financial statement of the Banking group for 1H2008, made in accordance with IFRS, equity capital of the Banking group amounts to $832 mn, assets amount to $7,777 bn. The Group provides a full-scale range of banking services in the following areas: comprehensive services to the corporate clients, retail services, private banking, investment banking and interbank business. Banking Group ZENIT is represented in 23 of 83 regions of the Russian Federation; its own retail network consists of 164 points of sale. The Group has created a wide international correspondent network of banking partners, with co-operation from more than 80 international institutions in Europe, America and Asia. Bank ZENIT is currently rated Bа3/Negative by Moody's and B+/Negative by Fitch.
CJSC "Nizhneserginsky metalware-metallurgical plant" was established based on two oldest Urals plants: Nizhneserginsky metallurgical plant (which was founded in 1743) and Revdinsky metalware-metallurgical plant (founded in 1744). It is specialized in steel smelting of ferrous scrap, as well as further processing of stock material into hoop, wire rod and armature.
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