VTB to Provide Financing to X5 Retail Group in the Amount of Up to RUR 7 Billion
14 Nov 2008
Amsterdam, 14 November 2008 - X5 Retail Group N.V., Russia's largest retailer in terms of sales (LSE ticker: “FIVE”), announced today that an agreement has been reached with VTB to provide RUR 7 billion in financing to X5 Retail Group within the framework of the Russian government initiatives aimed at supporting the country’s retail industry. The financing will be provided in the form of a revolving credit line for a total amount of RUR 7 billion open for 1.5 years.
X5 Retail Group CEO Lev Khasis commented:
«We welcome the initiatives of the government to support Russian retail, which along with financing imply long-term measures aimed at promoting the development of the industry. Financing provided to leading retailers, which are source of liquidity to thousands of producers and service needs of millions of Russian consumers, should help to minimize the consequences of the financial crisis».
He also added:
«An agreement reached with VTB is an important step on the way to expanding our relationship
with the bank and we plan to continue our fruitful cooperation».
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