Sovcombank Opens 10bn Roubles Credit Line to Sistema JSFC

MOSCOW, April 11, 2019 /PRNewswire/ -- Sovcombank PJSC and Sistema PJSFC, a Russian public diversified holding company, has signed an agreement on opening an unsecured line of credit. The 10 billion roubles credit line will allow Sistema JSFC to get loans with tenors of up to three years.

Dmitry Gusev, Chairman of the Board of Sovcombank PJSC, comments:

"We are pleased with the successful and fruitful cooperation with the subsidiaries of the Group, but now we have reached a new level of relations directly with Sistema JSFC itself. We see great prospects for further mutually beneficial cooperation and are ready to become a reliable financial partner for the entire holding."

Vladimir Travkov, Vice-President (Finance and Investment) of Sistema JSFC, states:

"Since the beginning of the year, Sistema JSFC has not only returned to the public debt market with two bond issues with a par value of 10 billion roubles each – both of which sparked a great interest of investors – but also continued to expand bilateral cooperation with banks. We are glad to start working with Sovcombank, one of the top five largest private banks. The unsecured credit line in conjunction with funds attracted in the public debt market gives us additional flexibility to refinance the Corporation's current debt portfolio."

Sovcombank PJSC is a private bank with assets of 863 billion roubles and capital of 113 billion roubles in accordance with IFRS. The bank employs 16,000 employees in 3,000 branches and offices in 75 regions, located in 1,052 towns of the Russian Federation.

Sistema PJSFC is a Russian public diversified holding company serving about 150 million consumers in such industries as telecommunications, high technology, banking services, retail, wood processing, agriculture, real estate, tourism and medical services, founded in 1993. In 2017 its revenue reached 704.6 billion roubles.

SOURCE Sovcombank