OREANDA-NEWS. June 9, 2012. The Perm branch of NOMOS-BANK opened a line of credit with a limit of RUB 1 billion rubles for JSC Perm Engine Company, the leader in aircraft and industrial engine-building in Russia and the CIS (part of JSC United Engine Corporation).

The purpose of the loan is to increase the company’s working capital.

Cooperation between JSC PEC and NOMOS-BANK began in 2010. In addition to lending, the Bank provides settlement and cash services. Currently, the Bank is considering financing priority development projects for Perm Engine Company. Among these are projects which have passed UEC’s project committee such as Creation of Assembly-and-Test Facility, and Development of Repair Production.

This deal is a major step in establishing a strategic partnership and cooperation between NOMOS-BANK and JSC Perm Engine Company,” said Valery Terenin, head of NOMOS-BANK’s branch in Perm. “We are pleased to support one of the biggest companies not only in the Perm Region, but in all Russia. The professionalism of PEC’s management and the success of the enterprise mean we can speak about the quality of our partnership and hope for the further development of our business relations. "

Deputy Managing Director and Director for Economics and Finance for JSC Perm Engine Company, Dmitri Ovsyannikov said, "We chose NOMOS-BANK as a permanent partner because it offered a flexible credit policy which is optimal for our company. The list of loan products sold by NOMOS-BANK today is quite long. And Perm Engine Company, of course, is interested in the new financial solutions NOMOS-BANK offers. Our cooperation is developing in the direction of investment in production. The decision on the part of NOMOS-BANK to provide the credit limit for working capital has had a positive impact on the successful implementation of Perm Engine Company priority plans. We can safely say that we will work together in the future.”

JSC Perm Engine Company is a serial producer of aircraft engines for civil and military aircraft and industrial gas turbines for power generation and gas transportation.

PEC is part of United Engine Corporation’s Management Company which is a100% dedicated subsidiary of JSC United Industrial Corporation Oboronprom for managing engine assets.

JSC UIC Oboronprom is a diversified engineering group founded in 2002. Included in the company is the Russian Technologies company. Their main activities include helicopter production (JSC Russian Helicopters) and engine-building (JSC MC ODC ).