OREANDA-NEWS. Sberbank CIB organized a revolving line of credit worth RUB 15 bln for a period of three years for Magnit Group. The funds will be used to finance the company's working capital.

"We are sure that this deal is another step in the expansion of our cooperation with our long-term partner," Dmitry Sredin, Managing Director, Client Management Department, Sberbank CIB. "Magnit Group is a strong player with a clear development strategy for the consumer sector; the company looks particularly promising in the current situation and Sberbank is one of only a few banks capable of handling a deal of this size."

OJSC Magnit is the holding company for the group, which operates the Magnit retail chain, based in Krasnodar. Magnit has the largest chain of grocery stores in Russia. As of June 30, 2014, the company operates a chain of 7,614 stores, 169 hypermarkets, 57 Magnit family stores and 778 Magnit cosmetic stores, located in 1,959 towns throughout Russia.

Approximately two-thirds of stores are located in towns with populations of less than 500,000 people. The majority of stores are located in Southern, North Caucasian, Central and Volga Federal Districts. Magnit stores are also located in Northwestern, Ural and Siberian Districts.

As of June 30, 2014, the company's distribution network includes 24 distribution centers, an automated resource management system and fleet of 5,697 vehicles.