13:38 20.01.2015

VTB to increase capitalization of two Ukrainian subsidiaries to $265 mln

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VTB to increase capitalization of two Ukrainian subsidiaries to $265 mln

The Russian bank VTB is planning to increase the capitalization of two subsidiaries in Ukraine to UAH 4 billion, or around $265 million, VTB said in a statement.

"VTB Group is drafting a decision to provide additional capital to its Ukrainian subsidiaries, VTB Bank (Kiev) and BM Bank. VTB plans to complete the required corporate procedures in the first quarter of 2015, and will provide additional capital of up to UAH 4 billion (about $265 million)," the statement says.

"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. 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 business 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," VTB's CEO, Andrei Kostin, is quoted in the statement as saying.

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