The supervisory board of Russia’s VTB Bank on October 1 approved a deal to buy the government’s stake in its Belarus subsidiary.
The deal will increase the Russian bank’s stake in Belarus’ VTB Bank from 71.4 to 97.3 per cent, according to the Russian news agency RIA Novosti.
The deal may be completed before the end of the year.
VTB Bank has been operating in the banking services market of Belarus since 1996 and is among the country’s 10 largest banks. The bank is a universal lending and financial institution providing a full range of services to individuals and corporate customers. The bank’s network includes a branch in each of the six regions of Belarus. Its assets rose by eight percent to $790 million in the first half of this year.
Russia’s VTB Bank owns another bank in Belarus and may sell it to the Belarusian government. Nadzieja Jermakova, head of the National Bank, revealed in January 2012 that the government was planning to buy Moscow-Minsk Bank from VTB Bank and merge it with Belinvestbank.