OREANDA-NEWS. On September 18, 2008 Raiffeisen Zentralbank Osterreich AG (RZB) and its Russian subsidiary ZAO Raiffeisenbank jointly signed a loan agreement in the amount of 100 million US-Dollars with Akado Group, reported the press-centre of Raiffeisenbank.

The loan aims at supporting Akado Group, one of the two biggest cable technology providers in Moscow, by financing further acquisition activities and in the expansion of their existing cable network.

"By granting this loan, RZB once again proves its outstanding competence and service quality on the Russian market and invests into a segment with profound growth opportunities", said Karl Sevelda, board member in charge of corporate business at RZB. "We are glad to support the development of one of the most promising telecommunication groups in Russia, further stressing our long-term mutually beneficial relationship with Renova Group", commented Pavel Gurin, Deputy Chairman of the Board at ZAO Raiffeisenbank.
 
51 per cent of the Akado Group belongs to Renova Group owned by Viktor Vekselberg, and to 49 per cent to Mr. Yuri Pripachkin, Chairman of the Board. The Akado Group provides a triple play package: TV, high-speed internet access and telephony services on the basis of modern fibre-optical cable technologies. In Moscow, Akado has built the most modern network with the highest digitalization rate during the last years and also provides its services in St. Petersburg, Yekaterinburg and in Minsk/Belarus.
 
Analysts agree that this market sector will stand out substantially in the coming years with yearly growth rates forecast at 20 to 30 percent. Within this sector, Akado rates as one of the fastest growing companies.