Apparel retailer gets additional loan facilities for expansion
23 Jun '08
2 min read
Lithuania's major SEB Bank has expanded financing possibilities for the Apranga Group by increasing its loan from LTL 60 million to LTL 80 million and extending relevant maturity for a two-year period.
The Baltic States' apparel retail trade leader will invest in the renovation and development of its stores network. “SEB Bank's and the Apranga Group's partnership has a twelve-year long history already.
We have been involved in many of the company's development stages, therefore, we are able to assess the potential for the continuity of the company's activities.
Seeing our client's business success and its future potential, we have offered additional borrowing possibilities for the implementation of the company's future development plans,” said Aivaras Cicelis, Director for Corporate Relationship Management Department with SEB Bank.
He said for corporate credit issuance SEB Bank also considers the company's leadership in its own area of activities to be an important indicator.
“We cooperate with the fastest growing, the most successful global trademarks. We aim to fit our stores adhering to top design and technology standards.
Having assessed our Group's possibilities in the market we have decided to be more active in our development in Lithuania, Latvia and especially Estonia.
It is only natural that such plans require more funding,” said Rimantas Perveneckas, General Manager of Apranga. Over the next one and a half year the Apranga Group plans to open more than 40 new still larger stores.
SEB Bank and the Apranga Group have been cooperating since 1996. SEB Bank provides services to Apranga Group within the entire Baltic States region.
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