27 Mar 2014 14:58

Bank of Moscow sells 100% stake in RNCB

MOSCOW. March 27 (Interfax) - The Bank of Moscow has sold its 100% stake in Russian National Commercial Bank (RNCB), completely disposing of its shares in RNCB, the Bank of Moscow said in an official statement.

"The asset's sale took place in the framework of [the bank's] financial recovery plan," a representative from Bank of Moscow's press service told Interfax, adding that RNCB would disclose its new shareholders in accordance with the law.

Bank of Moscow was Russia's 6th largest bank by assets at the end of 2013, according to the Interfax-100 ranking. RNCB was the 587th largest.