14 Oct 2009 18:36

VTB could hit int'l capital markets early 2010

MOSCOW. Oct 14 (Interfax) - VTB plans to enter the international capital markets in 2010, the bank's first deputy chairman, Vasily Titov, told Interfax.

"We plan to enter the international capital markets at the beginning of next year. We're interested in long money, and there are reasons to believe that the situation on the capital markets will improve next year from the point of view of the accessibility of financial resources," Titov said.

Borrowing, he said, "will be on a par with the loans we are due to pay off in 2010."

VTB intends pay off the $3.5 billion that has to be refinanced by the end of 2009 on time and with its own funds, he said.

Titov said VTB had repaid a Vnesheconombank (VEB) loan $700 million, used to refinance foreign loans, prematurely "as those resources were fairly costly."