VTB will acquire an additional share offering by Bank of Moscow for $3.4 billion to recapitalize the lender it bought this year, Reuters reports. The additional share issue is part of a broader state bailout program to shore up Bank of Moscow.
The firm is selling additional 100 million shares at $34.32 per unit. Last week, VTB boosted its stake in Bank of Moscow to 80.57 percent from 46.5 percent.
Click here for the story from Reuters.