Bank of Moscow gets 11.1-bln ruble subordinated loan from VEB
MOSCOW. Oct 19 (Interfax) - Bank of Moscow (BoM) has received a subordinated loan of 11.1 billion rubles from Vnesheconombank (VEB), BoM said.
The loan is repayable by December 18, 2019 at 8% pa and will bolster the bank's capital to 113.6 billion rubles. BoM will use the funds to lend to the real sector of the economy.
The loan also increases the bank's capital adequacy to 16.7%, calculated according to internal rules.
VEB approved the loan at the beginning of August.
This is the bank's first VEB loan, therefore it was issued on "1 to 1" basis.
The bank was Russia's fifth largest by assets, according to the Interfax-100 ranking at the end of the first half of 2009.