Vneshekonombank and Vneshtorgbank agree on transfer of assets

Vneshekonombank, which services Russia's foreign debts, and Vneshtorgbank,which services Russia's foreign trade, have agreed on transferring assetsfrom Vneshekonombank to Vneshtorgbank totaling $340m-350m, Nikolay Kosov,first deputy head of Vneshekonombank, told journalists. According to him,these assets are bound with Vneshekonombank's commercial activity, not withthe servicing of the state.Kosov pointed out that "not all deals have been formally completed, butthey are on their final stage of approval at Vneshtorgbank". He noted thatthe process of transferring assets from Vneshekonombank to Vneshtorgbankwould be quite long. On the whole, the volume of assets concerningVneshekonombank's commercial activity amounts to $700m-800m, he specified..

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&to=http://www.veb.ru/main_eng.html' target=_blank>VNESHEKONOMBANK

&to=http://eng.vtb.ru/' target=_blank>VNESHTORGBANK