EBRD's shift toward reduced investment in Russia affected results - bank chief
TBILISI. May 15 (Interfax) - The European Bank for Reconstruction and Development's (EBRD) shift toward reduced investment in Russia had an impact on the bank's operating results, EBRD President Suma Chakrabarti said at an EBRD forum in Tbilisi on Thursday.
Chakrabarti acknowledged that the attitude of the bank's board of directors toward Russia had impacted results. He said the EBRD remains committed to supporting portfolio clients, but said it had shifted personnel and stepped up project development in other regions: Ukraine, Kazakhstan and other countries.
The EBRD posted a loss of 568 million euro in 2014 versus a profit of 927 million euro in 2013, owing in part to currency movements and the market in Russia, and with the EBRD's portfolio of projects Ukraine.