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Business

Russia's state development bank to get 173bn roubles from Sviaz debt deals

MOSCOW: Russian state development bank VEB will receive about 173 billion roubles ($2.60 billion) in capital from de

Aug 20 2019

MOSCOW: Russian state development bank VEB will receive about 173 billion roubles ($2.60 billion) in capital from deals related to Sviaz Bank's debt, the Interfax news agency cited sources as saying on Tuesday.

Sviaz Bank merged with another lender, Globex, last year, after their owner, VEB, failed to sell them both. VEB took over the banks from private owners under a state-agreed bailout after the 2008 global financial crisis.

Copyright Reuters, 2019