OREANDA-NEWS. Nizhny Novgorod, OJSC “VolgaTelecom” summarized the results of open tender for selection of credit institution for the provision of financial services of concluding the contract of establishing credit lines.

By the decision of OJSC “VolgaTelecom” tender committee of May 7, 2007 Joint-stock commercial Savings bank of the Russian Federation (OJSC) was recognized the tender’s winner for lots №1 and №2.

OJSC “VolgaTelecom” invited the open tender for selection of credit institution on March 16, 2007. The credit institution was selected for two lots:
Lot № 1 - establishing nonrevolving credit line with the credit ceiling of 800 000 000 (Eight hundred million) rubles for the period of 2 (two) years to finance the Company’s investment activity;
Lot № 2 - establishing revolving credit facility with the credit ceiling of 700 000 000 (Seven hundred million) rubles for the period of 1 year to replenish the Company’s current and non-current assets.

Five banks provided the offers for the tender: Joint-stock Commercial Savings Bank of Russia, OJSC JSCB “Svyaz-Bank”, Bank of Foreign Trade (OJSC), Joint-stock bank of gas industry “Gazpombank” (CJSC) and CJSC “International Moscow Bank”.

The offers were assessed by the tender committee on April 28, 2007; as a result - Russia’s Savings Bank and CJSC “International Moscow Bank” were allowed to participate in tender for lot №1, and Russia’s Savings Bank and Bank of Foreign Trade (OJSC) for lot №2.

As OJSC “VolgaTelecom” General Director Mr. Sergey Omelchenko says: “As a result of tender selection the Company obtained the best credit terms both for the interest rate and for other financing criteria. All the tender participants had equal opportunities and the tender was of open nature. We are happy to state that the leading Russian banks took part in the tender, which once again testifies to high level of confidence in OJSC “VolgaTelecom” from the part of financial institutions”. The results of the open tender are available at: www//vt.ru/id=8573