MOSCOW, Dec 25: Russia’s second largest bank is investing some $260 million in a residential development project in London, the RBK business daily reported on Tuesday, citing lawyers.

Vneshtorgbank is investing in “the purchase and construction of a residential complex” in Hammersmith in west London, the company’s legal consultants, Dewey and LeBoeuf, were quoted as saying in a report.

The state-controlled bank, which was set up in Soviet times, held an initial public offering earlier this year that raised eight billion dollars. A subsidiary, VTB Bank Europe, is based in London. —AFP