UEC and VTB strategic partners

The United Engine Corporation (a subsidiary of Oboronprom, part of Rostech State Corporation) and VTB Bank have signed an agreement on strategic partnership, at 2013 MAKS International Air and Space Salon.

The document was signed by Valery Lukyanenko, VTB Bank Board Member and Vladislav Masalov, UEC General Director.

This contract will strengthen cooperation between VTB and UEC and will enable coordination of joint work to improve the quality of servicing for companies which are part of the corporation.

VTB is actively working with the following large companies within UEC: NPO Saturn, Perm Engine Company, Kuznetsov, Saturn Gas Turbines, UMPO, and Salyut, which is soon to join the holding.

For these companies, VTB has established credit lines for a total of over 100 billion rubles, under which the companies have already obtained loans and documentary products for a total value of more than 55 billion rubles.

Managing Company JSC United Engine Corporation is a wholly-owned subsidiary of OBORONPROM. More than 85 % of the leading companies specializing in development, mass production, and aftersales servicing of gas turbine technology are integrated into UEC, as well as key companies in other selected fields. One of UECs priority directions is implementing comprehensive programs for developing companies by implementing new technologies that meet international standards.

Rostech State Corporation is a Russian corporation founded in 2007 to facilitate development, production, and export of high-tech industrial products for civil and military applications. Altogether, Russian Technologies encompasses 663 organizations. The corporation includes 13 holdings, 8 of which are in the military-industrial complex, and five  in civilian industry. The corporation works in 60 constituent entities of the Russian Federation and supplies products to more than 70 countries around the world. Its 2012 turnover was 931 billion rubles, with net profit of 38.5 billion rubles. It paid a total of 109 billion rubles in taxes at all levels.