NOVO-OGARYOVO, June 23 (RIA Novosti) - A Russian-Venezuelan bank being set up by the two countries will have charter capital of $4 billion, with a controlling stake to be held by Russia, a deputy Russian finance minister said on Tuesday.

"It is expected that the Russian side, represented by VTB and Gazprombank, will have 51%," Dmitry Pankin said, adding that the bank would be established within a year with its headquarters in Moscow.

He said the bank will be formed on the basis of the existing Evrofinance Mosnarbank, and that "the bank's current shareholders will cede a part of shares in favor of the Venezuelan side."

"This bank will be able to genuinely act as the foundation of future cooperation between Russia and Venezuela. This bank will be able to finance many joint projects and programs. We believe that this is a good start, and a good prospect for future trade and economic relations with Venezuela," Pankin said.