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Russia’s leading banks to invest in modernisation of Uralvagonzavod

September 09, 2011, 19:43 UTC+3

The above-mentioned banks are major partners of the machine-building sector

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YEKATERINBURG, September 9 (Itar-Tass) —— Russia’s leading banks – Sberbank (Savings Bank), GazpromBank, Vneshtorgbank (VTB) and the Bank of Moscow – plan to invest in the modernisation of the scientific and industrial corporation Uralvagonzavod (UVZ).

The plans were announced at Friday’s briefing, which was attended by representatives of the banks and the corporation. The briefing was held in the format of the international exhibition of weapons, military hardware and ammunition Nizhny Tagil-2011.

The above-mentioned banks are major partners of the machine-building sector. They helped the corporation to overcome a complicated situation linked with the global financial crisis.

“The present-day cooperation with the banks is connected with the assistance of both export and domestic spheres of the UVZ activities,” UVZ Deputy Director General Ruslan Kondrashov said.

“The special attention is paid to the upgrading of not only the parent enterprise, but also all industrial facilities of the corporation,” he said.

“In the next five years, we hope to double incomes. Those plans are linked with M&A contracts, development of the operating and creation of new facilities,” Kondrashov said, adding that he meant first of all upgrading of the Chelyabinsk Tractor Plant, which should return guarantees to the state before the end of the year.

“Another important project is located in Omsk, where the corporation sets up a modern car assembly plant,” he said.

“As for the Nizhny Tagil-based UVZ enterprise, it is expected to reach loss-free production level,” the deputy director general said.

The banks’ heads stated, in turn, that they are ready to assist the UVZ development plans. With this in mind, they voiced an intention to sign a cooperation agreement between the corporation and Sberbank, which will occur at the end of September 2011.


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