VTB Group will acquire a majority stake in the Bank of Moscow, The Wall Street Journal reports. The Russian state-controlled bank will pay $3.5 billion for a 46.48% stake in Bank of Moscow and a 25% stake in the Capital Insurance Group from the city of Moscow.
The city of Moscow sold its stake to Moscow-based VTB indirectly through the Central Fuel Company. VTB representatives, including CEO Andrei Kostin, were elected to the bank’s board.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Financial Times.