Absolut Bank and Obuv Rossii group of companies signed a loan agreement to open a group of unsecured revolving credit lines of 500 million rubles for the period until 1 March 2019. The funds raised will be used to replenish working capital and finance the current activities of the group.
Absolut Bank and Obuv Rossii have been cooperating since October 2014. New deal - continuation of joint work within the established credit limit. “We are grateful to the bank for productive cooperation,” comments Anton Titov, Director of the Obuv Rossii Group of Companies. “Financial support from leading representatives of the Russian banking sector, such as Absolut Bank, allows the company to successfully develop and implement new projects.”
“For the bank, cooperation with large leading enterprises that play a key role in various sectors of the economy is part of our development strategy,” comments Vyacheslav Bezrukov, Executive Director for Corporate Affairs, Absolut Bank. “It is important that Obuv Rossii GC pays great attention to building up and modernizing its own production and makes a significant contribution to improving the competitiveness of our economy.”
In the 2015 year and the first half of the 2016 year, Shoes of Russia, as part of the production development program, invested 800 million rubles in the modernization of its production sites and the purchase of new equipment. By the end of this year, the amount of investment will increase by another 250 million rubles. In the 2016 year, Obuv Rossii entered new markets: it released a test batch of shoes for the Far North, began to produce sneakers and half-style summer shoes, and opened a military shoe manufacturing workshop as part of a joint project with Largos.
AKB Absolut Bank (PJSC) is a universal bank founded in 1993 year. The main shareholder is the structures of the Non-State Pension Fund “Welfare”. Absolut Bank is in the top 40 in net assets according to the Central Bank of the Russian Federation. At 1 April 2016, assets under IFRS are 256 billion rubles. The financial stability of Absolut Bank is confirmed by the ratings of the world's leading rating agencies - Fitch Ratings and Moody's. The bank was assigned Moody's ratings for long-term deposits - B1, national long-term rating - A2.ru. Fitch agency assigned Absolut Bank a long-term IDR - B +, national long-term rating - A- (rus). “Expert RA” assigned a credit rating of A + “High level of creditworthiness”.
The Bank is among the top 50 of the most reliable banks in Russia in 2015 according to the National Rating Agency. According to the results of the 2015 year, the Bank improved its position and took seventh place in the rating of the top-10 of the leading mortgage banks in Russia according to Rusipoteka. In 2015, Absolut Bank was awarded the national prize “Financial Olympus” in the nomination “Effective Development in the Primary Mortgage Market”, and was recognized as the winner in the nomination “Effective Asset Management” of the national award “Company of the Year”. It successfully works in 17 regions of Russia, the bank's offices are located in Moscow and the Moscow region, St. Petersburg, Chelyabinsk, Perm, Tyumen, Ufa, Yekaterinburg, Samara, Kazan, Nizhny Novgorod, Rostov-on-Don, Krasnodar, Novosibirsk, Omsk, Kemerovo , Surgut, Magnitogorsk, Sterlitamak and Tolyatti. The priority areas of the bank's activity are servicing corporate clients and medium-sized businesses, developing a retail business with a focus on mortgage lending and developing a business for servicing wealthy clients.
Obuv Rossii Group of Companies is a federal shoe company, one of the five largest shoe retailers in Russia, a leader in the mid-price segment of the shoe market. The group was founded in 2003, the head office is in Novosibirsk. The main business areas of the Group are footwear production, retail and wholesale of footwear and related products. Obuv Rossii develops five shoe chains: Westfalika (single brand, mid-price segment), Pedestrian (multi-brand shoe supermarket), Emilia Estra (shoes boutique), Rossita (store for the whole family) and Lisette (fashion shoe stores). The Shoe of Russia shoe network currently has more than 450 stores in more than 100 cities. RAEX (Expert RA) assigned the Group a credit rating of “A +” (a very high level of creditworthiness), the third sublevel, and the outlook is stable. The company's revenue in 2015 year under RAS amounted to 9 billion rubles, net profit - 1,3 billion rubles.