27 Apr 2011 14:01

VTB not planning to increase direct 46.48% stake in Bank of Moscow this year

MOSCOW. April 27 (Interfax) - VTB is not planning to increase its direct share-holding in Bank of Moscow above 46.48% this year, VTB deputy CEO Herbert Moos told reporters.

"That is the plan for now," Moos said.

VTB needs to do due diligence and work out a strategy for the bank, Moos said. "Strategically, we are retaining plans to increase the stake in Bank of Moscow to 100%. However, we now need to complete due diligences and put a strategy together," he said.

Although VTB has acquired ten banks over the past six years, "we are not at this point planning any additional acquisitions in 2011," Moos said.