Sign In
24 Oct 2008 09:00
24 October 2008
VTB has signed a subordinated loan agreement with Vnesheсonombank
JSC VTB Bank has signed a subordinated loan agreement with the State Corporation "Bank for Development and Foreign Economic Affairs" ("Vnesheconombank") for the amount of RUR200 billion. The loan has been obtained for up to the end of 2019 at the annual rate of 8% in accordance with the Federal Law of the Russian Federation as of October 13, 2008 N 173-FZ "On Additional Measures for Supporting the Financial System of the Russian Federation". Under the terms of this agreement, first tranche of the subordinated loan for RUR100 billion has been received from Vnesheconombank on October 23, 2008. Second tranche of the loan will be received by the end of November this year.
VTB CEO and Chairman of the Board Andrei Kostin said: "The Russian Government's decision to allocate these funds to VTB will allow us to considerably strengthen the support to the interbank market and financing of our customers in core industries in order to ensure the stability of the Russian economy".
-ends-
Enquiries:
Investor Relations:
Tel.: +7 495 775 71 39
Email: investorrelations@vtb.ru
Media Relations:
Tel.: +7 495 783 1717
Email: pr1@vtb.ru
For reference: VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in 17 countries around the world. The Russian government is VTB's majority shareholder, with a holding of 77.5%. The remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and VTB's global depositary receipts are traded on the London Stock Exchange. VTB offers a wide range of services in corporate, retail and investment banking across Russia, certain other CIS countries and a number of countries in Western Europe, Asia and Africa. As of July 1, 2008, VTB was the second largest financial group in Russia by assets (US$ 108.8bn) and by deposits (US$ 44.6bn). VTB is one of the top three retail banks in Russia with a network of 1001 sales offices in Russia and the CIS. In 2008, VTB launched its investment banking business which operates from Moscow, London and Singapore.
For more information visit our website www.vtb.ru
Follow the stocks
