Support The Moscow Times!

Sberbank Funds VBI

VIENNA — Sberbank will provide up to 300 million euros ($394 million) in fresh capital for its new VBI Eastern European arm this year to finance expansion, VBI chief executive Friedhelm Boschert said Tuesday.

He also said VBI made a profit in the first quarter after posting losses last year.

VBI's current three-person management board was confirmed for three-year terms. Sberbank is adding corporate finance expert Maria Bykova and strategy man Valentin Mihov to senior VBI management, the bank said. Austrian businessman Siegfried Wolf is supervisory board chairman, and Sergei Gorkov is deputy chairman of VBI.

(Reuters)

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more