RussiaТs VTB Bank to buy at least 75% in Vozrozhdenie Bank - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

RussiaТs VTB Bank to buy at least 75% in Vozrozhdenie Bank

MOSCOW, Aug 14 (PRIME) -- RussiaТs second largest bank VTB has signed a memorandum to buy at least 75% in Vozrozhdenie Bank with Bonum Capital (Cyprus) LTD fund, VTB said in a statement on Tuesday.

VTB plans to close the acquisition Bank in September after it receives all regulatory and corporate approvals and finish integration with Vozrozhdenie in 2020.

Vozrozhdenie will focus on strengthening its position on the Moscow Exchange, VTB said.

Also on Tuesday, Vozrozhdenie Bank terminated its contract with CEO Mark Nakhmanovich, who will be replaced by Gennady Soldatenkov, a member of VTBТs management board.

VozrozhdenieТs core owner is Dmitry Ananyev, who previously controlled Promsvyazbank together with his brother Alexei. A group of investors of Promsvyazbank earlier asked a U.K. court to arrest U.S. $15.6 million and 11 million euros worth of assets of the Ananyev brothers demanding redemption of money spent in 2017 on debt secured by stakes in companies controlled by them.

The central bank also launched a bailout of Promsvyazbank previously, and put up a controlling stake in Vozrozhdenie for sale as owners of banks undergoing bailouts are not allowed to control other banks. VTB CEO Andrei Kostin in June confirmed the bankТs interest to Vozrozhdenie, and later said that the deal may happen only if the asset is clear from all possible legal claims and consequences.


14.08.2018 16:32
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 76.9498 -0.1194 16 jan
USD 67.0820 -0.1100 16 jan
Stock Market Indices
1D 1W 1M 1Y
rtsi 1153.87 +0.51 11:32 16 jan
micex 2442.67 +0.13 11:32 16 jan
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 156.99 -0.73 11:17 16 jan
lkoh 5188.00 -0.13 11:17 16 jan
rosn 424.70 +0.08 11:17 16 jan
sber 198.85 +0.43 11:17 16 jan
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 75.9925 -0.6850 11:13 16 jan
USDTD 66.6725 -0.3375 11:13 16 jan