|
|||
2010-02-01 08:45:00 CET 2010-02-01 08:45:02 CET REGULATED INFORMATION City Service AB - Notification on material eventRegarding further expansion in RussiaThe City Service group will expand its activities in the Russian communal services market with Sberbank, the largest bank in the country. An cooperation agreement has been signed between the company and the bank, which is responsible for management of state funds allocated for communal market reform. According to the agreement, a development coordination group will be formed consisting of 6 people - 3 representatives of City Service and 3 representatives of Sberbank. Within the following six months the group will prepare projects that City Service will implement together with Sberbank in specific cities and regions of Russia. “Partnership with the main bank in Russia opens up immense opportunities for the development of City Service in all regions of Russia. We have always emphasised that development in this country is our strategic goal. The agreement we have reached with Sberbank will contribute to the implementation of these goals,” Žilvinas Lapinskas, Director General of City Service, said. After signing the agreement, Mr. Lapinskas was appointed Chairman of the Board of Directors of the subsidiary of City Service in Russia. Part of Mr. Lapinskas' obligations in Lithuania will be shared by Jonas Janukėnas, financial and administrative director of City Service. The reform of communal services market in Russia that opened the market for private companies engaged in the maintenance of apartment buildings began in 2005. The total area of residential buildings in Russia amounts to more than 3 billion sq. m. Sberbank, the largest bank in Russia, manages the State fund devoted to the reform of communal services provided to apartment buildings. Sberbank is the largest bank in Russia with 17 regional offices, 783 branches, and more than 20,000 sub-branches. Sixty percent of the banks' shares are owned by the Central Bank of Russia. City Service owns 33 companies operating in Lithuania, Latvia, Russia and Ukraine. City Service manages facilities in buildings the total area of which is nearly 18 million sq. m. The shares of City Service are listed on the Main List of NASDAQ OMX Vilnius stock exchange. Vilius Mackonis Public Relations Officer +370 5 2394900 |
|||
|