OREANDA-NEWS. March 27, 2009. Sviaz-Bank held an extraordinary General Meeting of its shareholders in Moscow to seek their approval of transactions in which there was an interest, reported the press-centre of Sviaz-Bank.

The first transaction the shareholders approved was a 10 billion rubles subordinated loan made to Sviaz-Bank by Vnesheconombank at an interest rate of 13% per annum, to be repaid in 2019.

“By borrowing these funds from our parent company, Vnesheconombank, we will be able to boost our capital,” said Alexander Zhitnik, Sviaz-Bank’s President-Management Board Chairman. “In turn, this will help us to reinforce the Bank’s competitive positions in its core business areas, increase its loan portfolio, and, as a result, drive up its profits.”