OREANDA-NEWS. April 14, 2011. Sviaz-Bank has been declared winner in lots 6 to 10 of a public auction held by Rostelecom OJSC to award contracts for overdraft loans to be issued to the company with a total lending limit of 5 billion rubles, reported the press-centre of Sviaz-Bank.   

The company will use the borrowed funds to finance its current operations following completion of its reorganization.

Contracts will be effective for one year from the signing date, and can be renewed for another calendar year not more than three times.

“Rostelecom and Sviaz-Bank have cooperated successfully for many years already, and our participation in the auction is further evidence that the Bank intends to expand our relations of partnership. Within the framework of the upcoming consolidation of interregional companies and centralization of their cash flows, overdraft is naturally integrated into the settlement and cash services offered to the biggest communications operator and will help maintain services for the Bank’s key partner at a high level of quality,” said Sergey Volokhov, Vice Chairman of Sviaz-Bank’s Management Board.