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Russia's VTB Bank gets $1.8 bln aid from National Welfare Fund

December 30, 2014, 17:27 UTC+3 MOSCOW
VTB Bank, Russia’s second largest lender by assets is expected to receive the second installment of $2.6 billion by the end of the first quarter of 2015
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© ITAR-TASS/Maxim Shemetov

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.

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