OREANDA-NEWS. July 16, 2012. The Krasnodar branch of NOMOS-BANK has opened credit lines with an overall limit of RUB 292 million for one of Russia’s leading railway equipment manufacturers, OJSC Tikhoretsk Machine-Building Plant (TMZ). The credit is to be used for replenishment of working capital, reported the press-centre of NOMOS-BANK.

Boris Goryachy, head of the Krasnodar branch of NOMOS-BANK, said: “Our Bank has worked with TMZ since 2010. In addition to obtaining loans from the Bank, the Plant has received bank guarantees, and achieves efficient liquidity management by placing cash on deposit, including use of NOMOS-BANK’s overnight service, which enables one-day placements at market interest rates. TMZ uses the Bank’s cash and settlement services and has foreign currency contracts with NOMOS. TMZ’s skilful and integrated approach to the development of its business testifies to the high quality of its management and great potential for growth, and we look forward to further expansion of our partner relationship.”

Sergei Antonov, the Managing Director of TMZ, commented: “Short-term credit for the TMZ production cycle is highly important for the development of our business. Such facilities are used for replenishment of working capital, creating inventories of raw materials and finished goods, wage payment, etc. Working with NOMOS-BANK has given our Plant new opportunities to develop its production and helped in the achievement of business tasks. The credit provided by NOMOS-BANK stimulates development of our production forces and speeds up the formation of capital for modernization using new technologies. Credit has enormous importance for the development of economic links between sectors and regions and, in the case of TMZ, between countries. In this respect NOMOS-BANK acts not only as a lender but also as a currency regulator.

“NOMOS-BANK always reacts quickly to the needs of TMZ and offers banking products with optimal maturities and interest rates. NOMOS provides its services efficiently and professionally, which enhances its prestige and adds to appreciation of the Bank by TMZ.”