OREANDA-NEWS. On October 24, 2008 JSC VTB Bank has signed a subordinated loan agreement with the State Corporation “Bank for Development and Foreign Economic Affairs” (“Vnesheconombank”) for the amount of RUR200 billion, reported the press-centre of VTB Bank.

The loan has been obtained for up to the end of 2019 at the annual rate of 8% in accordance with the Federal Law of the Russian Federation as of October 13, 2008 N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”.

Under the terms of this agreement, first tranche of the subordinated loan for RUR100 billion has been received from Vnesheconombank on October 23, 2008.  Second tranche of the loan will be received by the end of November this year.

VTB CEO and Chairman of the Board Andrei Kostin said: “The Russian Government’s decision to allocate these funds to VTB will allow us to considerably strengthen the support to the interbank market and financing of our customers in core industries in order to ensure the stability of the Russian economy”.