Friday, July 21, 2017

Otkritie Bank to loan $10.4 million to Marienergosbyt

Sverdlovsk-based Otkritie Bank announced that it will extend a revolving credit line valued at $10.4 million to TNS energy subsidiary Marienergosbyt.

The loan authorization was approved by the bank's board of directors during a Monday meeting. The electronic energy wholesale firm will gain access to the line of credit on Friday, Sept. 19.

Marienergosbyt's loan proposal specified that the line of credit will be used to supplement the company's working capital. The funds included in the $10.4 revolving line of credit have been guaranteed under agreement with third-party Russian shipping broker CFS.

Marienergosbyt has been a client of Otkritie Bank's settlement and cash services division since 2010.