VTB to provide lending for Shvabe holding's production programs
YEKATERINBURG. Aug 28 (Interfax) - Russian bank VTB and optics holding OJSC Shvabe, formerly known as Optical Systems and Technologies Holding Company and part of state corporation Rostec, signed a cooperation agreement during the second day of the MAKS-2013 Air Show in Zhukovsky, JSC PO Urals Optical and Mechanical Plant (part of Shvabe) reported.
The agreement gives VTB the opportunity to perform comprehensive servicing for Shvabe's enterprises.
According to the terms of the agreement, VTB will participate in lending for Shvabe's production programs, in financing for its investment projects and M&A deals. VTB is also willing to offer the holding consultative and informational services in the banking, investment, and financial spheres.
The Shvabe holding company manages Russia's main optoelectronics companies. The group includes 19 companies and organizations, including research, development and manufacturing divisions, design bureaus, state optical institutes and companies. The group develops and manufactures high-tech optoelectronic systems and components for military and civilian use, medical equipment and energy saving lighting equipment.
VTB was Russia's second largest bank by assets at the end of H1 2013, according to the Interfax-100 ranking.