Banks are set to lend Sberbank $1bn (€828m) in what will be the largest ever unsecured loan to a Russian financial institution. The deal has doubled in size from an initial $500m target and will carry a record-low yield for a Russian loan.

ABN Amro and HSBC are arranging the loan for the state-owned bank and increased the size of the deal after receiving commitments of $1.4bn from 42 banks.