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Court Blocks Bank Of Moscow Stake Sale

A London court has frozen a 3.9% stake in the Bank of Moscow held by Goldman Sachs.

A London court has frozen a 3.9% stake in the Bank of Moscow held by Goldman Sachs, Financial Times reports. The move comes after a minority shareholder close to the bank’s management filed suit questioning its acquisition by the asset management arm of VTB.

The state-controlled bank’s stake in the Bank of Moscow will be boosted to above 50% in case it acquires Goldman’s 3.9% holding. Last week, the VTB purchased the Moscow city government’s 46.5% stake in the bank for $3.5 billion.

Click here for the story from Financial Times.

Click here for additional coverage from Bloomberg.

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