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Russian bank VEB needs to be recapitalized says PM: Report

Russian state-owned development bank Vnesheconombank, or VEB, needs to be recapitalized in order to fund housebuilding projects, Russian Prime Minister Dmitry Medvedev said, according to RIA news agency.

"We have to decide about capitalisation, the question only is in which form and how," RIA quoted Medvedev saying.

(Read more: Russia stocks hit 4½-year low, outflows surge)

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