Russia’s VTB Bank to buy over 70% in Zapsibkombank

MOSCOW, Nov 6 (PRIME) -- Russia’s second biggest lender VTB Bank has agreed with the shareholders of West Siberian Commercial Bank (Zapsibkombank) to acquire more than 70%, VTB Bank said in a statement on Tuesday.

Under the deal, VTB Bank will buy a controlling stake, whose amount will be defined after a mandatory buyback offer for the minorities.

VTB plans to close the deal until the end of 2018.

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