OREANDA-NEWS. During the St. Petersburg International Economic Forum, VTB Bank and UAZ automobile manufacturer, part of Sollers group, signed a Memorandum of Strategic Cooperation.

The MoC establishes the interest of both parties’ in further expanding their relationship through a wide range of banking and investment services that VTB Group provides to the company. Under the memorandum, the companies agreed, in particular, to discuss RUB 6bln financing UAZ’s operations in 2016–2017. The funds will be used for the development of the UAZ product line through the modernisation and technological development of the existing production facilities to improve the vehicles’ efficiency, reliability and safety.

The relationship between VTB Group and Sollers Group started in 2003. In addition to lending, VTB Bank provides a wide range of banking products to UAZ, including payment services, currency exchange transactions, exchange regulation, bank guarantees, as well as other transactional services and investment products.

"UAZ has been showing steady growth amid the recession in the Russian automotive market," said Yuri Soloviev, First Deputy President and Chairman of the Management Board. "Our excellent relationship with the Sollers Group contributes to the modernisation and further development of engineering in Russia. The memorandum will allow the company to use a broad range of VTB Group’s products in various countries where we operate, including Asia".