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Russian bank VTB to spend up to $338 million on railcar leasing in 2022 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: In this file photo, August 5, 2015, the logo of VTB Group can be seen through an imperia tower window on the façade at the Moscow International Business Center. Also known as the “Moskva-City”, the image was taken in Moscow, Russia.

MOSCOW, Reuters – Russia’s second largest bank VTB announced that it had started leasing its cargo railcars. The company plans to invest $15-25 billion roubles ($203-338 million) annually in 2022 to improve its fleet. They also expect to continue railway market growth over the next years.

Dmitry Ivanter from VTB’s leasing division stated that the company decided to go to the railway markets with operational leasing.

“We have created an entirely separate team and we are looking specifically for fleets. We are also participating in different auctions.”

VTB Leasing has approximately 15,000 railcars available for operation leasing. Ivanter stated that the company plans to add another 35,000. It plans to acquire new railcars from factories and other sources.

Cargo volumes are increasing. He said that loading on the railway markets has been very stagnant for many years. But, growth is now starting to happen, due to both economic growth and external trade conditions being quite favorable, such as trade with China.

The Russian Railways Monopoly anticipates more than 3 percent growth this year after two years of falling cargo volumes. This is mainly because of coal exports and building materials, container transit, and other commodities.

($1 = 74.0279 roubles)

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