The Vneshtorgbank (VTB) Group said on Tuesday that it plans to boost capitalization of its subsidiary banks in Ukraine.
The bank's VTB branch in Kiev and its BM Bank are the two primary locations that will see increased capital if the plan goes through. VTB Group hopes to provide $265 million in additional capital within the first quarter of 2015.
"We are taking this important decision primarily to fund the future growth of our business in Ukraine and to ensure the country’s financial stability," VTB President and Management Board Chairman Andrey Kostin said. "It is clear that long-term sustainable growth in Ukraine is impossible without strong and reliable Russian banks, which play a dominant role in providing credit to Ukrainian businesses and the economy as a whole. The measures we are planning to take will help us to retain the trust of our Ukrainian clients, who will be able to look to the future with greater confidence."
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme