NovaCard to expand its smart cards manufacture at the expense of Sberbank’s credit
Volgo-Vyatsky bank of Sberbank of Russia has provided NovaCard Company with a one million nonrevolving line of credit in US dollars and within the period of 3 years for purchasing smart card producing equipment.
NovaCard produces 1-1.5 million smart cards per month. Since the volume of orders on smart cards, now, is more than the company can produce, it has made a decision to buy additional equipment for chip implantation and personification. NovaCard intends to reach the maximum productivity within 1.5 years from the beginning of putting the new equipment in operation.