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MOSCOW, December 30. /TASS/. VTB Bank, Russia’s second largest lender by assets, has received the first aid tranche of 100 billion rubles ($1.8 billion) from the National Welfare Fund, the bank said in a statement on Tuesday.
VTB will use the funds placed into a subordinated deposit to finance sustainable infrastructure projects on the list approved by the Russian government, the bank said in a statement.
“As a result, the bank’s capital adequacy ratio under Russian Accounting Standards will exceed 12%,” the statement said.
VTB Bank is expected to receive the second installment of 150 billion rubles ($2.6 billion) from the National Welfare Fund by the end of the first quarter of 2015, the statement said.