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Report: Russian Agricultural Bank to get 25B ruble capital boost in next 2 years

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Report: Russian Agricultural Bank to get 25B ruble capital boost in next 2 years

The Russian government allocated 25 billion Russian rubles to JSC Russian Agricultural Bank in the country's draft budget for 2019 to 2021, Vedomosti reported Nov. 9.

The state-owned lender will receive 15 billion rubles of funding in 2019, and an additional 10 billion rubles in 2020, according to the report.

The bank bolstered its capital by 15 billion rubles earlier in 2018 via the issuance of subordinated perpetual bonds and also received a 5 billion ruble from the state. A further 20 billion rubles will be injected from the budget by the end of 2018 to offset toxic assets and problem loans.

Russian Agricultural Bank could also boost capital in the future via the issuance of perpetual bonds.

As of Nov. 9, US$1 was equivalent to 67.80 Russian rubles.