Bank of Moscow is aiming to sell new shares worth $3.44 billion to its majority shareholder VTB, The Moscow Times reports. The issuance of additional shares was initially planned for late 2012. The move will be part of the lender’s development plans, which involve increasing its credit portfolio.
Additionally, Bank of Moscow will get $3.44 billion cash injection from VTB after issuing new shares. State-controlled VTB, which bought 46.48 percent of the lender from City Hall earlier this year, is mulling on different options to improve the bank’s ability to provide loans.
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