21.12.09. Novikombank finances Oboronprom Corporation
Novikombank has opened a credit line for JSC Oboronprom Corporation of 25 million US dollars. The funds made available by Novikombank are currently being used to finance Oboronprom Corporation and companies that are part of the United Engine-Building Corporation.
The provision of such massive financing is the latest step in the dynamic growth of partnership between the Corporation and the Bank, which in the summer of 2009 was consolidated by the signing of a cooperation agreement. Novikombank is continually increasing the volumes of its business with Oboronprom Corporation, and is currently implementing joint projects with Corporation companies such as RusSpetsStal, Helicopter Service Company, Kamov, United Engine-Building Corporation, Ufa Engine Industrial Association, V.V. Chernyshov Engineering Plant, and many others.
Novikombank’s President, Ilya Gubin, said: “The foundation of the Bank’s business is the development of cooperation with leading integrated holding companies in the defence-industry complex, the engineering industry and the high-tech sector, i.e. in those sectors that are responsible for the modernisation and qualitative renewal of the Russian economy. Thus the Bank’s financial resources, including funds provided to us within the framework of state programmes, are being used for the long-term purposes of national development.”
For information purposes: Novikombank was established in 1993. Today, it is a solid, rapidly growing financial institution offering a comprehensive range of banking services to its customers. The provision of finance to Russian industrial companies, including defence enterprises, the automobile industry and technology-intensive manufacturers is among the Bank’s priorities. As of 1 October 2009, the Bank’s capital amounts to 6 billion roubles, with net assets of 30 billion roubles.
JSC Oboronprom Corporation is currently one of the largest Russian multi-profile industrial-investment groups in the engineering and high-tech sphere. Its principal lines of activity include helicopter-building (Helicopters of Russia), engine-building (United Engine-Building Corporation) and some other. It is part of the Russian Technologies State Corporation.
