2 Sep 2009 19:30

VEB board to consider possible sale of Sviaz Bank, Globex Bank at coming meeting

MOSCOW. Sept 2 (Interfax) - The supervisory board at Russia's Bank for Development and Foreign Economic Affairs (Vnesheconombank, VEB) will consider the fate of Sviaz Bank and Globex Bank at one of its next meetings, VEB Chairman Vladimir Dmitriev told journalists following a board meeting.

"As for the future fate of these banks, this issue will be the subject of one of the upcoming meetings of the VEB supervisory board," he said when asked to comment on the possible sale of these banks.

Dmitriev said the board considered the situation unfolding at subsidiary banks at Wednesday's meeting "with stress put on the fact that financial stability and stable development has been ensured at the banks."

The Central Bank recently approved a plan for the rehabilitation of Sviaz Bank, while Globex Bank is already back in the black. "Therefore, in reporting on the activities of our subsidiary banks, particularly those given to us for rehabilitation, we put emphasis on the fact that VEB's further participation will consist of ensuring the unconditional stable financial standing [of the banks] and strengthening their clientele," he said.