Russian pharmaceutical group SIA International has signed a RUB 5.4 billion loan agreement with VTB Bank. The funds will be used to replenish the pharmaceutical distributor's working capital.
Replenishment of SIA International's working capital will enable it to more than double the company's product range. The agreement represents an important step on its path toward recovering its position among the top three pharmaceutical distributors.
"Supporting pharmaceutical producers and distributors is a strategically important part of the bank's operations," VTB First Deputy President and Chairman of Management Board Yuri Soloviev said. "By funding the operations of these companies, VTB is investing in the health of the Russian people. We believe our fruitful cooperation with SIA International Group will continue," Yuri Soloviev continued.
The loan agreement has normal market terms, but the interest rate is below the average weighted rate in SIA International Group's current loan portfolio.