OREANDA-NEWS. June 30, 2011. After a recent public auction, Sviaz-Bank was named the lender that is to give MRSK Center and Volga OJSC an overdraft loan (overdraft) and open, at the borrower’s option, a settlement account with a monthly limit of up to 1 billion rubles, reported the press-centre of Sviaz-Bank.

The company will use the borrowed funds to finance its current business operations. The overdraft contract will be made for a period of 12 months, and can be renewed for another 12 months up to three times.

“MRSK Center and Volga has been our invariable and reliable partner for many years already. Last year alone, the Bank provided the company with 4 billion rubles in all,” said Sergey Volokhov, Vice Chairman of the Bank’s Management Board.

MRSK Center and Volga is the principal provider of services such as electric power transmission and technological connection to electric power networks in Vladimir, Ivanovo, Kaluga, Kirov, Nizhniy Novgorod, Ryazan, and Tula regions, and in the republics of Mary El and Udmurtia. MRSK Holding Company, which is the company’s major shareholder, has a 50.4% interest in its authorized capital.