VTB to consolidate 75% stake in Bank of Moscow in next few days - Dubinin
MOSCOW. July 14 (Interfax) - VTB will consolidate 75% plus one share in Bank of Moscow in the next few days, VTB supervisory board chairman Sergei Dubinin said.
"I am confident that everything will be concluded successfully in the next few days," Dubinin said in an interview with Rossiya 24 television when asked how soon VTB would increase its stake in Bank of Moscow to 75%.
VTB purchased the city of Moscow's 46.48% stake in Bank of Moscow and a blocking stake in Capital Insurance Group (the owner of about 17% of Bank of Moscow shares) in February.
Under the rescue plan agreed with the Central Bank and VTB, the Deposit Insurance Agency (ASV) will provide a 10-year loan of 295 billion rubles to Bank of Moscow at 0.51% interest. VTB will also provide an additional 100 billion rubles in capital for the bank.
VEB's consolidation of a 75% stake will mark the start of the rescue. VEB is in talks with Bank of Moscow minority shareholders, including Vitaly Yusufov and Suleiman Kerimov.
Yusufov owns 19.91% of shares via Cyprus-registered Losanp Trade Ltd. He acquired the stake from Bank of Moscow's former president, Andrei Borodin, and Borodin's advisor, Lev Alaluev.
Two other minority shareholders are Durland Investments (6.86%) and Plenium Invest (4.51%), according to the Bank of Moscow web site. No information on their beneficiaries is available.
Kerimov reportedly owns 3.88% of Bank of Moscow shares.
Bank of Moscow was the 6th biggest Russian bank by assets according to the Interfax-100 list as of the end of the first quarter of 2011. VTB was the 2nd biggest.
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