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Russia Sells 10% VTB Stake For $3.3B

Russia has sold 10% of its stake in the country’s universal bank, VTB Group, for $3.3 billion.

Russiahas sold 10% of its stake in the country’s universal bank, VTB Group, for $3.3 billion, Financial Times reports. The sale is the first major deal in a three-year program to raise $34 billion to help plug a budget gap and lessen the government’s role in the economy, adds Bloomberg.

Italian insurer, Assicurazioni Generali, acquired $300 million of shares to become a strategic partner of the bank and U.S. buyout firm, TPG capital, bought $100 million of shares. The sale was managed by Deutsche Bank, Merrill Lynch and VTB Capital.

Click here for the story from Financial Times.

Click here for additional coverage from Bloomberg.

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