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VTB Seeks Nod For $31B Deals

Russia’s second-biggest lender, VTB, is seeking approval for up to $31 billion deals with rivals.

Russia’s second-biggest lender, VTB, is seeking approval for up to $31 billion deals with rivals, Reuters reports. The firm will seek authorization for up to $16.75 billion worth of deals with Bank of Moscow in the year to June 2012 and also for up to $14.4 billion with TransCreditBank (TCB).

VTB may require some funds to provide a subordinated loan to TCB and Bank of Moscow. In April, TCB announced that it would get $447 million from VTB to boost lending at the bank. Russia holds a 75.5% stake in VTB, which acquired its Bank of Moscow and TCB stakes for more than $4 billion.

Click here for the story from Reuters.

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