16 Nov 2009 13:51

VEB to need 1 trillion rubles if incorporated

SINGAPORE. Nov 16 (Interfax) - Vnesheconombank (VEB) will need an additional 1 trillion rubles or more in the way of recapitalization in order to fulfill banking legislation if it is to be corporatized, the bank's chief, Vladimir Dmitriyev, told reporters in Singapore.

"We're prepared to incorporate tomorrow, but we'd need more than 1 trillion rubles in extra capitalization to eliminate any distortions to do with exceeding limits per borrower and meet certain other Central Bank requirements," he said.