April 23, 2018 / 1:19 PM / in a year

Russia's VEB approves merger of Globex bank and Svyaz-Bank: agencies

FILE PHOTO: The logo of Russian state development bank Vnesheconombank (VEB) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian state development bank VEB’s supervisory board has approved the merger of subsidiaries Globex bank and Svyaz-Bank, RIA news agency cited VEB chairman Sergey Gorkov as saying on Monday.

Gorkov added that VEB does not want to see commercial banks such as these within its structure and plans to sell the merged bank in future, before 2020, Interfax reported.

The bank plans to complete the merger by the end of this year, helping VEB save up to 3 billion rubles ($48.48 million), Interfax cited Gorkov as saying.

Gorkov also said that he does not see any particular risks arising from VEB’s ownership of shares in Russian aluminum producer Rusal (0486.HK), which was recently sanctioned by the United States, adding that VEB continued to monitor the situation closely, Interfax reported.

Writing by Polina Nikolskaya; Editing by Polina Ivanova

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