9 Sep 2010 13:20

Vozrozhdenie bank to deposit free RZD funds in 2010-2012

MOSCOW. Sept 9 (Interfax) - Russian bank Vozrozhdenie is the winner of an open Russian Railways (RZD) tender for the placement of free cash funds in deposits in 2010-2012, Vozrozhdenie said.

"According to the terms of the competition, we received the right to receive in deposit, for upwards of days' term, free RZD funds in an aggregate volume of up to 50 billion rubles," the bank's statement says.

On the strength of this, Vozrozhdenie bank is counting on "additional opportunities for the further promotion of lending, particularly increasing the financing of small and midsized businesses - the key client segment," the statement cites deputy CEO Lyudmila Goncharova as saying.

Vozrozhdenie ended H1 2010 in 24th place by assets on the Interfax-100 ranking of Russia's biggest banks. Bank assets, according the ranking, increased 7% year-on-year to 147 billion rubles ($4.7 billion). The bank's main source of funds is client monies (90% of obligations, 118 billion rubles). Deposits by private individuals account for 65% of all client funds, corporate deposits for 27% of assets.