Russia's Sberbank to refinance RusAl's credit to VEB

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Russia's Sberbank to refinance RusAl's credit to VEB - Sputnik International
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Russia's top bank, state-controlled Sberbank, will fully refinance a $4.5 billion loan, which Russia's state development bank Vnesheconombank (VEB) issued to RusAl, the world's largest aluminum producer in the midst of the financial crisis, VEB head Vladimir Dmitriyev said on Wednesday.

Russia's top bank, state-controlled Sberbank, will fully refinance a $4.5 billion loan, which Russia's state development bank Vnesheconombank (VEB) issued to RusAl, the world's largest aluminum producer in the midst of the financial crisis, VEB head Vladimir Dmitriyev said on Wednesday.

"Today we have agreed upon the main characteristics of the transaction. Sberbank will undertake the refinancing, risks will be shared on a parity basis between VEB and Sberbank," Dmitriyev said after a meeting of the bank's supervisory board.

VEB remains the charge holder and guarantor of the loan, Dmitriyev added.

RusAl took the loan against 25% of shares in the world largest nickel producer Norilsk Nickel. A key element of the deal is that the blocking stake in Norilsk will remain under state control while the agreement is valid, Dmitriyev said.

RusAl took the loan from VEB during the peak of the global financial crisis to refinance its external debt and extended it for a year in October 2009.

MOSCOW, July 29 (RIA Novosti)

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