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Banking

VTB 24 to place RUR 6bn bonds and USD 500mn Eurobonds by end-2006.

VTB 24 to place RUR 6bn bonds and USD 500mn Eurobonds by end-2006. Vneshtorgbank’s retail banking arm VTB 24 plans to place RUR 6bn (USD 225.6mn) bonds and to issue USD 500mn Eurobonds by end-2006, VTB 24 head Mikhail Zadornov informed. According to him, the share of borrowings from international financial markets in should make up 20% of VTB 24’s funding base. This, he stressed, will allow a better diversification of the liabilities. It addition, the bank will be able to get long term funds at good price. VTB 24 is a part of Vneshtorgbank group. Vneshtorgbank holds 85.81% in VTB 24 and Federal Property Funds owns a 4% stake. The state’s ownership in Vneshtorgbank amounts to 99.9%.

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