Sberbank extends RUB 6.6bn credit to Severnaya Verf Shipyard
Sberbank of Russia and Severnaya Verf on December 20, 2011 entered into a non-revolving credit agreement for RUB 6,625 billion, the shipbuilding company press service said.
Under the agreement, the debt on the credit line is to be repaid by the borrower on December 30, 2015. The loan accounts for 10.86% of the shipyard’s assets value as of September 30, 2011, or RUB 60,996,900,000).
An earlier report said that Severnaya Verf had filed a RUB 5-billion lawsuit against Sberbank, VTB and Alfa-Bank. The shipbuilder demands the compensation for lost profits as the banks did not extended loans, in violation of their commitments on financing state defense contracts.
St. Petersburg-based Severnaya Verf (Northern Shipyard) is a leading shipbuilding company of the Russian defense industry. The firm has been part of Moscow-based United Industrial Corporation since 2004. The shipyard specializes in building cruisers, destroyers, minesweepers, patrol vessels and antisubmarine, research and passenger vessels, timber cargo carriers, trawlers, container ships and ro-ro vessels for the Russian Defense Ministry and foreign customers.
Sberbank is the largest bank in Russia and CIS countries. Sberbank assets total more than a quarter of the national banking system (27%), while the share of bank capital is at 26% (as of June 1, 2010). Established in 1841, Sberbank today is the largest credit institution in Russia and CIS, accounting for 27% of the aggregate Russian banking assets and 26% of banking capital. Sberbank is ranked 43th in the world in terms of Tier 1 capital. Sberbank has the largest countrywide branch network with 17 regional head offices and more than 18,880 retail outlets with about 241,000 employees.