April 12, 2019 / 3:07 PM / 2 months ago

Russia's VTB transfers bulk of defence lending to Promsvyazbank - Ifax

MOSCOW, April 12 (Reuters) - Russia’s VTB Bank will transfer the bulk of its defence sector loans to Promsvyazbank in April, the Interfax news agency quoted VTB’s First Deputy CEO Dmitry Olyunin as saying on Friday.

In 2017 the Russian central bank rescued Promsvyazbank, which was later converted into a bank that services Russia’s defence industry.

Olyunin also said that VTB, Russia’s second-largest lender, planned to increase its corporate lending portfolio by 4.5 percent and its retail portfolio by 17 percent this year. (Reporting by Maria Tsvetkova Writing by Gabrielle Tétrault-Farber Editing by Andrey Ostroukh)

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