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VTB To Buy Bank of Moscow Stake For $3.4B

VTB will acquire an additional share offering by Bank of Moscow for $3.4 billion to recapitalize the lender it bought this year.

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.

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