OREANDA-NEWS. November 23, 2009. OJSC VolgaTelecom has summarized the results of public auction of selecting a financial institution for concluding the contract of establishing a nonrevolving credit line.

The auction was comprised 6 lots. Seven banks submitted their bids: ZAO UniCreditBank, OJSC CAROVBUSINESSBANK, OJSC Moscow Industrial Bank, OJSC VTB Bank, OJSC Metallurgic Investment Bank, RF Sberbank and OJSC Svyaz-Bank.

By the decision of the tender committee all six lots were awarded to RF Sberbank.

As per terms and conditions of the auction RF Sberbank will establish four credit lines of the total amount of RUR 3 billion for 3 years and two credit lines of the total amount of RUR 3 billion for 5 years to VolgaTelecom.

As VolgaTelecom’s CFO Taisiya Sipatova noted, “such large number of credit institutions which submitted the auction bids speaks about the level of confidence to the Company and high credit quality maintained by it”.