Bank of Moscow sells Mosvodkanal Bank
MOSCOW. July 10 (Interfax) - Bank of Moscow has pulled out of Mosvodkanal Bank capital, Bank of Moscow reported.
The bank has not disclosed the terms of the deal, Bank of Moscow told Interfax.
In early July the Bank of Moscow board approved a decision to pull out of Mosvodkanal Bank. In July, Moscow Bank increased its stake in Mosvodkanal Bank to 92.74% from 65.87%.
The Bank of Moscow press service said at the time that the stake would be sold "on the market" to a group of interested investors. "Pulling out of Mosvodkanal Bank is part of the Bank of Moscow strategy," the bank added.
Mosvodkanal Bank was ranked number 500 by asset value (2.4 billion rubles) and 592 by equity (300 million rubles) in the Interfax-100 review of Russia's banks for the first quarter of 2012.
The VTB Group owns 94.87% of Bank of Moscow. Plenium Invest Ltd, which according to unofficial information is controlled by former president of Bank of Moscow Andrei Borodin, owns 2.99%. Other shareholders with less than 1% of shares own 2.14% of Bank of Moscow.
Bank of Moscow was ranked number 6 by asset value in the Interfax-100 review of Russia's banks for the first quarter of 2012.
