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Russia’s VTB Bank eyes Asian capital markets

VTB Bank was barred, along with other major Russian state-owned banks, from raising medium- and long-term financing on Western markets by US and EU sectoral sanctions

VTB CEO Andrey Kostin ITAR-TASS/Ruslan Shamukov

VTB CEO Andrey Kostin

© ITAR-TASS/Ruslan Shamukov

WASHINGTON, October 13. /TASS/. VTB Bank, Russia’s second largest banking institution by assets, considers raising a subordinated loan on Asian markets amid Western sectoral sanctions, VTB CEO Andrey Kostin said on Monday.

“We are considering these options as well,” Kostin said on the sidelines of an annual meeting of the International Monetary Fund (IMF) and the World Bank in Washington.

VTB Bank, which was barred, along with other major Russian state-owned banks, from raising medium- and long-term financing on Western markets by US and EU sectoral sanctions, will need funds in 2015 to replenish its Tier II capital, the VTB chief said.

“We have just completed the (capital) conversion process. That is why, our Tier I capital is at a good level. As for Tier II capital, we are considering this issue, and I believe we’ll need additional Tier II capital, and we’re working on a possible source of this replenishment,” the VTB CEO said.

VTB Bank is currently considering possible sources of financing, Kostin said. “These may be loans not necessarily in US dollars. These may be loans in other currencies, as possibilities for this also exist,” he said.

VTB and Russian Agricultural Bank earlier approved a recapitalization plan allowing them to convert their subordinated loans obtained from the national development bank Vnesheconombank during the crisis of 2008-2009 into preferred shares for their purchase by the Russian government. After this, the proceeds will be included in the banks’ Tier I capital. This possible plan was mentioned by President Vladimir Putin in late May at the St. Petersburg International Economic Forum.

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