UPDATE 1-Russia Alfa pays back $2 bln loan with state help

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MOSCOW, Oct 30 (Reuters) - Russian billionaire Mikhail Fridman's Alfa Group said on Thursday it met a margin call from Deutsche Bank (DBKGn.DE) by paying back a $2 billion loan, secured by its large stake in mobile phone operator Vimpelcom (VIP.N).

Altimo, Alfa's telecoms arm, said it had refinanced the loans with a credit facility of $2 billion from Russia's state bank VEB.

"We consider Vimpelcom to be one of our key strategic investments and do not plan to sell our stake in this growing and successful company," Altimo Senior Vice President Kirill Babaev said in a statement.

Industry sources said Thursday Russia's government had disbursed $2 billion to Alfa to help it pay back the loan and rescue its stake in Vimpelcom, Russia's No. 2 mobile carrier, which was used as collateral with the bank [ID:nLU662215].

Altimo pledged its entire 44 percent stake in Vimpelcom to Deutsche Bank in 2007 as collateral on bonds issued by its affiliate, Eco Telecom, including 16 percent as security for a $1.5 billion tranche and 28 percent for a $500 million tranche.

Russian newspapers have reported that Vimpelcom shares have fallen below the level at which Deutsche Bank could impose a margin call on the loan.

On Monday, a Russian court froze Altimo's stake in Vimpelcom and a 29.9 percent stake owned by Norway's Telenor (TEL.OL) prompting a nearly 19 percent jump in Vimpelcom shares. The court lifted the freeze the following day.

VEB has been the government's main conduit for providing emergency loans and other assistance to Russian companies amid the global financial crisis.

Earlier this month, the bank said Russian banks and firms had asked for a total of $97 billion in refinancing.

On Wednesday, banking sources said VEB was giving a $4.5 billion loan to aluminium major United Company RUSAL, controlled by another well-connected Russian billionaire, Oleg Deripaska.

RUSAL used the loan to back its 25 percent stake in Russian miner Norilsk Nickel (GMKN.MM). It was facing the threat of handing over the stake in Norilsk to creditors unless it managed to refinance.

VEB is also to start investing 5 billion roubles per day in the stock market, the head of the bank, Vladimir Dmitriyev, said Thursday, helping drive the recent stock market rally. (Reporting by Maria Kiselyova; Editing by Dmitry Zhdannikov/Jeffrey Benkoe)