Rostelecom signed an agreement with ZAO Raiffeisenbank to open a revolving credit line with differentiated rates. The credit limit is RUR 2 400 million.
The funds borrowed will finance operations and investment activity and will also be used to refinance outstanding obligations.
Rostelecom’s total credit limit in the bank will be RUR 4 800 million.
«We value the partner relationships between our organisations and think of Rostelecom as one of the bank’s strategic partners in Russia. The funds raised via this agreement will create an additional financial platform for the company’s development,» said Oksana Panchenko, Board Member of Raiffeisenbank, Head of Corporate Banking&Corporate Finance Directorate, Board Member
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 11th among the Russian banks in terms of assets, based on H1 2013 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. In total, more than 59,000 employees serve some 14.2 million customers through more than 3,000 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.