OREANDA-NEWS. March 31, 2010. Sviaz-Bank has been named winner of an auction held for the right to enter into an agreement with Irkutskenergo OJSC to open a revolving credit line totaling 1.6 billion rubles to finance the companyвs operations.

The credit line will remain in effect for 36 months.

Sberbank of Russia was the other bidder in the auction.

State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", which is a state-controlled corporation, is Sviaz-Bank’s majority owner holding 99.4666% of the Bank’s shares of stock.

Sviaz-Bank’s key business areas are providing banking services to corporate entities and individuals, managing debt financing, and conducting international business such as trading in international financial markets, commercial and structural funding, and borrowing from international lenders.