OREANDA-NEWS. VTB Bank has opened an 18-month, RUB 500 million credit facility for the Obuv Rossii group of footwear companies. The loan proceeds will be used for the development of Obuv Rossii's retail chain.

Obuv Rossii is one of Russia's top five footwear retailers and a leader in the mid-range Russian footwear market. The company is currently expanding its retail network throughout the country.

Deputy President and Chairman of VTB Bank Management Board, Mikhail Oseevskiy: "Demand for loans among medium-sized companies is currently very high. Obuv Rossii is a developing company that is investing in expanding its business, and VTB Bank is supporting it in this endeavour".

The Obuv Rossii group was established in 2003 and is headquartered in Novosibirsk. It focuses on retail and wholesale footwear and accessories operations, instalment plans and microfinance, and footwear production. The group is developing two networks and three brands: Westfalika (the company's main retail chain of monobrand shops), Peshekhod (a chain of multibrand shoe supermarkets) and Emilia Estra, a fashion brand of moderately priced accessories and specialised shops of the same name.

To date, the group has 255 shops in more than 80 Russian cities. Its revenue in the first half of 2013 totalled RUB 1.95 billion and the year end target is RUB 5 billion. Obuv Rossii has an A rating (high solvency) from the Expert RA national rating agency. In September 2013, the group consolidated its assets into a single company with a charter capital of RUB 7 billion.