Russian state development bank, VEB, may raise more than $2 billion through a syndicated loan by mid-2011 and will also sell its equity holdings in Russian companies, The Wall Street Journal reports. The firm is seeking the approval of its board to sell equity holdings, including stakes in Gazprom and United CompanyRusal.
VEB, which owns a 2.7% stake in Gazprom and a 3.15% stake in Rusal, will use the proceeds of the sales for its activities, including developing Russia’s mortgage market. VEB was also considering a rouble-denominated Eurobond issue, adds Reuters.
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