02.10.2012 / 11:42

Russia Acquires Almost 100% Shares of Belarusian VTB Bank 1

The supervisory board of Russias VTB Bank on October 1 approved a deal to buy the governments stake in its Belarus subsidiary.

The deal will increase the Russian banks 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 countrys 10 largest banks. The bank is a universal lending and financial institution providing a full range of services to individuals and corporate customers. The banks 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.

Russias 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.

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02.10.2012 / 15:13
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