OREANDA-NEWS. July 23, 2014. Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy, Stavropol Territory administration head Vladimir Vladimirov and Arnest President Alexei Sagal took part in the opening ceremony of Arnest’s new aluminum cylinder manufacturing line in Nevinnomyssk, Stavropol Territory. The project was financed by VTB Bank, which increased its long-term lending limit to Arnest from RUB 2bn to RUB 3bn in June of this year.

Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said at the ceremony: "Arnest Group is VTB’s strategic partner in the North Caucasus Federal District. We have a high opinion of its financial stability and decided to increase the lending limit. This new business is a dramatic confirmation of how efficiently the earlier loan was used. We are confident that the mutually beneficial cooperation between VTB and Arnest will not only help Arnest Group retain its leadership in Russia and the CIS but also promote its further growth and development in global markets."

Arnest President Alexei Sagal said: "The two years of our cooperation with VTB have convinced us that our partners can provide the requested funds rapidly and on the best conditions for the client. This is our second successful investment project since we started working with the bank, and is part of our strategy to establish a national aerosol cluster in the region. We look forward to continuing our constructive relationship with VTB."