JSC VTB Bank has received a second tranche of the subordinated loan for RUB100 billion from the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" on November 10 2008.
The subordinated 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". The total amount of subordinated loan received by two tranches is RUB200 billion. VTB will use the funds to finance its customers in core industries and to support the interbank market. The first tranche of subordinated loan for RUB100 billion was received from Vnesheconombank on October 23 2008.
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.