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.
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