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. Last Updated: 07/27/2016

VTB Buys 8% of VAZ

State-owned banking giant Vneshtorgbank bought an 8.3 percent stake in leading automaker AvtoVAZ in 2002, the bank said in its 2002 annual report released Monday.

VTB also raised its stake in leading truck manufacturer KamAZ by 0.5 percent to 19.9 percent.

The value of the transactions were not disclosed.

VTB now has nine borrowers that account for 40 percent, or $1.61 billion, of its credit portfolio, the bank said without naming the companies.

The loans were provided at an interest rate of 10 percent annually and were expected to be paid off between March 2003 and January 2004.

It is not clear whether some of those loans have already been paid off.