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VTB To Sell $3.5B Stake

Russia’s second-largest bank by assets, VTB, will sell its 10% stake worth an estimated $3.5 billion.

Russia’s second-largest bank by assets, VTB, will sell its 10% stake worth an estimated $3.5 billion, Financial Times reports. The state-owned bank seeks to sell the stake through a secondary share placement rather than directly to a TPG-led consortium as previously planned.

The government may cut its stake in VTB from the current 85.5% to 50% plus one share over the next three years, out of which 20% may be sold in 2011. Merrill Lynch, Deutsche Bank and VTB’s investment banking arm, VTB Capital, will be the bookrunners on the deal.

Click here for the story from Financial Times.

Click here for additional coverage from Reuters.

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