Medvedev: Russia to boost VEB capital by 150 bln rbl

GORKI, Moscow Region, Mar 29 (PRIME) -- The Russian government has decided to boost Vnesheconombank’s (VEB) capital by 150 billion rubles to ensure the bank’s financial solvency, Prime Minister Dmitry Medvedev said Tuesday while opening a meeting of VEB’s supervisory board.

“I also want to inform you that a decision was made to boost VEB’s capital by 150 billion rubles. The money will allow the bank to ensure financial solvency and fulfill its obligations on foreign borrowings in 2016,” Medvedev, who chairs the bank’s supervisory board, said.

He also said that VEB’s new management should make a detailed audit of all of the bank’s projects, restructure bad debts, and sell non-core assets.

In late February, President Vladimir Putin dismissed Vladimir Dmitriyev from the post of VEB’s CEO and appointed Sberbank executive Sergei Gorkov as the new CEO.

(67.7807 rubles – U.S. $1)

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