5 Nov 2013 19:42

VEB provides $30 mln in capital to Hong Kong subsidiary

MOSCOW. Nov 5 (Interfax) - Vnesheconombank (VEB) provided $30 million in capital to its Hong Kong-based subsidiary, VEB Asia Limited, in October 2013, VEB said in the prospectus for its LPN program.

VEB registered the subsidiary with charter capital of $30 million this spring, in line with a December 2012 decision by the VEB supervisory board. VEB's representative in China, Pyotr Selivanov, was named CEO of the subsidiary.

VEB Asia Ltd will interact with financial institutions in Hong Kong and work to raise money from Asian investors to finance major projects in Russia.