Sberbank of Russia and RAIL1520, a leasing company, signed an agreement that will allow Sberbank to open a 15 billion ruble (approximately $481.48 million) credit line to RAIL1520 for the period of 11 years. The borrowed funds will be provided by Moskovsky Bank of Sberbank of Russia and aimed at expanding the park of rail cars supplied primarily by Tikhvin Freight Car Building Plant and intended for long-term lease.
"The diversification of Bank's loan portfolio into railway transportation segment requires cooperation with the companies employing different business models”, said Maxim Poletaev, Vice President of Sberbank of Russia – Chairman of Moskovsky Bank. “Lending to RAIL1520 reflects this process."
"Providing RAIL1520 with the long-term loan in the amount of 15 billion rubles is the continuation of mutually beneficial cooperation that started between Sberbank of Russia and RAIL1520 in 2011”, said Tatyana Sakharova, Deputy Director, Department for Operations with Largest Clients, Sberbank of Russia. “At this time, the lending resources of the Bank allowed the company to build a freight car park of 5,000 units."
"The funds raised as part of this new loan will allow to continue the expansion of the park and meet the demand for rail cars from the customers of our company", said Roman Savushkin, Chief Executive Officer, United Wagon Company (UWC manages Tikhvin Freight Car Building Plant and RAIL1520).