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Saturday, August 19, 2017

VTB to boost capitalization of its Ukrainian banks

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."

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Vneshtorgbank - Russia

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