18 Jul 2011 12:49

VTB to boost stake in Bank of Moscow to over 75% by end of Q3

MOSCOW. July 18 (Interfax) - VTB plans to boost its stake in Bank of Moscow to over 75% by the end of the third quarter of 2011, the bank's deputy CEO, Herbert Moos, told journalists on Monday.

"We reached an agreement last week to consolidate up to over 75%, which is necessary to receive assistance from the DIA [Russia's Deposit Insurance Agency]. We hope that the stake will be increased by the end of the third quarter," Moos said.