Skip to main content
Building picture

Letters of credit in favour of VEON Group

Bank GPB International S.A., a subsidiary bank of Gazprombank JSC, has supported a milestone transaction of Gazprombank Group closing the deal between Service-Telecom Group and VEON Ltd. to acquire 100% of shares of National Tower Company JSC, one of the largest operators of the telecommunication infrastructure in Russia, and issued the letters of credit in favour of VEON Group to facilitate the settlements. The overall transaction amounted to RUB 70.65 bln, including a RUB 47 bln financing provided by Gazprombank JSC.

For reference:

Service-Telecom Group is an independent infrastructure operator for cell phone service providers. The company operates in the key markets of the Russian Federation: Moscow Region, St. Petersburg and Leningrad Region, Nizhny Novgorod and Nizhny Novgorod Region; Pskov, Novgorod, Vologda, Arkhangelsk and Sverdlovsk Regions as well as Krasnodar Territory. It is the leading company among independent infrastructure operators in terms of the growth rate of the tower portfolio and operational efficiency. Media representatives’ email: