19.03.10. Novikombank is now in partnership with the Russian Aircraft Corporation «MiG»
Novikombank continues to expand its active operations in accordance with its policy to support the high-tech sectors of Russian industry. In particular, in order to further develop the strategic areas of its client-based business, the bank has entered into a partnership with Russia's largest manufacturer of aviation equipment, the JSC RAC «MiG».
Through its service operations and financing of the JSC RAC «MiG», Novikombank helps create modern, competitive Russian industrial goods and develop the export potential of the Russian economy. Currently, Novikombank has already provided the company with funding of over 1 billion roubles. In order to replenish the working capital and finance expenditures under existing export contracts, two credit lines of $16 million and 15 million euros have been opened.
The President of Novikombank, Ilya Gubin, said: «Today the aviation industry is one of the flagships of Russian high-tech industry. The development of a working relationship with the leader in the national aircraft industry is for us in many ways a landmark moment, and is reflective of our success in implementing the development strategy of the Bank to support the high-tech industry, engineering and defense».
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 heavy-machinery, the automotive industry and technology-intensive manufacturers is among the Bank’s priorities. As of 1 January 2010, the Bank’s capital amounts to 6.5 billion roubles, with net assets of 39 billion roubles.
The JSC RAC «MiG» is the leading vertically integrated holding company of the Russian aviation industry, an official prime contractor of the Russian Ministry of Defense. The company's products include advanced fighter-interceptors, multifunctional combat aircraft, light general-purpose aircraft, both for the Russian army and for export. Designers from the JSC RAC «MiG» are working hard to create a new generation of aircraft, both manned and unmanned.
