North-West branch of Rosbank provided Severnaya Verf shipyard with a $55 million credit for two years in order to finance the yard’s production program, the Bank’s press center reports according to RBC.
Severnaya Verf shipyard (Saint Petersburg) is one of Russia’s leading shipbuilding and ship repair yards. The company’s primary activity is construction of military ships for Russian Navy and foreign customers. In 2005, the company’s IFRS revenue totaled $458 million, net profit - $7 million.