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Russia's VTB Bank to raise $1bln syndicated loan in June

MOSCOW, May 29 (RIA Novosti) - VTB Bank, Russia's second largest bank in terms of assets, will raise a $1 billion syndicated loan in early June, VTB Bank Deputy Board Chairman Vasily Titov said on Thursday.

VTB Bank earlier said the loan, to be disbursed in two tranches with maturities in three years and 18 months, would be used for general corporate purposes. The three-year loan will carry interest of LIBOR plus 0.65% and the 18-month facility will be LIBOR plus 0.60%.

VTB said it had mandated bank-organizers that included the Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Capital (an investment division of Barclays Bank PLC), BNP Paribas, Citibank and other banks to syndicate the loan.

The three-year tranche will be disbursed by the bank-organizers while other banks and financial institutions will be invited to syndicate only the 18-month tranche, VTB said.

State-controlled VTB Bank and its subsidiaries comprise VTB Group, which provides banking services and products in Russia, former Soviet republics, Western Europe, Asia and Africa. The group's assets stood at $92.6 billion as of January 1.

VTB's shares are traded on the Russian Trading System and MICEX stock exchanges, and also on the London Stock Exchange in the form of Global Depositary Receipts (GDRs).

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