Russian state development bank Vnesheconombank is planning to transfer GLOBEX Commercial Bank JSC to the Russian state federal property agency after failing to sell the unit, Reuters reported, citing two sources close to VEB and Globex, as well as a federal government source.
The lender had planned to sell Globex as well as Interregional Bank for Settlements of the Telecommunications & Postal Services to improve its finances, according to the report, which noted that the government in September cut its planned aid for the bank to 100 billion rubles a year for three years, from 150 billion rubles a year.
As of Dec. 18, US$1 was equivalent to 58.63 Russian rubles.
