The Russian government will sell no more than 10% of the country’s second biggest lender, VTB, in 2011, The Wall Street Journal reports. The bank’s 10% stake is worth $3.5 billion.
The government, which plans to reduce its stake in VTB by 35.5% in three years, previously expected to sell a total of 20% this year, adds Reuters. The sale, which is being organized by Deutsche Bank, Merrill Lynch and VTB Capital, is expected to take place on Feb. 14, 2011.
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