22 Feb 2011 15:53

City sells Bank of Moscow stake to VTB for 103 bln rubles

MOSCOW. Feb 22 (Interfax) - The City of Moscow and Capital Insurance Company have sold their stakes in Bank of Moscow to VTB for 103 billion rubles, representing a premium of more than 14% over the valuation, Moscow's property chief and deputy mayor, Natalya Sergunina, told reporters.

"Central Fuel Company, which is wholly owned by the City, today closed the sale of 46.48% of the shares and Capital Insurance Company the sale of 25% plus one share in Bank of Moscow," Sergunina said.

This is 13 billion rubles or 14.4% above the official valuation of 89.99 billion rubles for the two stakes.