Vietnam-Russia Bank to form $8 mln unit in Russia

HANOI, Aug 15 (Reuters) - Vietnam-Russia Bank has obtained permission to establish a 100-percent owned bank in Russia, Vietnam's first investment in an overseas bank, state-run Voice of Vietnam radio said on Friday.

The Hanoi-based unlisted venture would need a licence from the Planning and Investment Ministry before opening the unit in Russia, the radio station said, citing a central bank statement.

Vietnam-Russia Bank is a $62.5-million venture, 51 percent owned by the Bank for Investment and Development, Vietnam's second-largest, and 49 percent by VTB (VTBR.MM), the second largest lender in Russia formerly known as Vneshtorgbank. (Reporting by Ho Binh Minh; Editing by Kim Coghill)