Vneshtorgbank Supports Subsidiary in Baku

OJSC VTB Bank (Azerbaijan) has received a subordinated loan from the head of Vneshtorgbank (Russia). The amount of the investment is 300 million rubles (the equivalent of 6.2 million manats), the information from VTB Bank (Azerbaijan) says. The funds are provided for the period of 7 years for the growth of the total capital of the local financial agency.

"The funds raised are an indication that VTB Bank (Azerbaijan) can always get support from the parent company. The increase in total capital will maintain the pace of business development and expand opportunities for lending," the press release cites the Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev.

The acquisition of 51% of the local AF Bank by Vneshtorgbank was approved by the Central Bank of Azerbaijan in November 2008. The remaining 48.99% is owned by Ata Holding, while 0.01% belongs to an individual. --17D-

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