Deutsche Bank Russia and OJSC Detsky Mir – Centr have signed an agreement for a $20 million trade finance line.
“We are glad to broaden our cooperation with AFK Sistema, which has proven itself to be a reliable and professional partner. I'm certain that Deutsche Bank, a leading global institution in trade finance, will provide quality trade finance services for OJSC Detsky Mir," Joerg Bongartz, Chairman of the Board of Deutsche Bank Russia, said.
“The contract with Deutsche Bank is a part of the large-scale program for the replacement of direct crediting with instruments of trade financing, which Detsky Mir started to use actively back in 2007. This program makes the financing of operating capital more efficient and cost-effective and ensures more accurate control over supplies,” commented the General Director of OJSC “Detsky Mir – Centr” Maxim Entyakov.
For additional information, please, call:
007 (495) 797 5026
007 (495) 781 0808 #23-93
The national retail chain Detsky Mir (Children's World) is a leading retail supplier of goods for children and teenagers in Russia. Currently it consists of a chain of Detsky Mir stores and the S-Toys company, one of the leading producers and importers of toys. Detsky Mir has a cumulative trading area of over 180 000 square meters in 102 super and hyper-markets in 51 cities of Russia, and one store in Ukraine. The Detsky Mir group of the companies reported US$597.2 million revenue for 2007 under US GAAP. OJSC Detsky Mir - Centr, 99% owned by JSFC Sistema, is the parent company of the group.
JSFC Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, and has over 100 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail, media, tourism and healthcare. Founded in 1993, the company reported unaudited revenues of US$ 3.8 billion for the first quarter of 2008, and total assets of US$ 30.3 billion as at March 31, 2008. Sistema’s shares are listed under the symbol “SSA” on the London Stock Exchange, under the symbol “AFKS” on the Russian Trading System (RTS), under the symbol “AFKC”on the Moscow Interbank Currency Exchange (MICEX), and under the symbol “SIST” on the Moscow Stock Exchange (MSE).
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in both Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,275 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients, creating exceptional value for its shareholders and people.
Deutsche Bank Ltd. (Deutsche Bank Russia) was established in April 1998. The Bank is a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank has become one of the largest foreign banks in Russia. Deutsche Bank Russia provides local and international, corporate and private clients with a broad range of financial services, comprising corporate finance and advisory, sales, trading, transaction banking as well as private wealth management and asset management services. The bank includes the largest Russian and multinational companies among its client base.