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MOSCOW, December 18. /TASS/. Russia’s bank VTB will buy 1.285 million shares in the Bank of Moscow from Cyprus-based Trever Invest Limited and 8.468 bank’s shares in free circulation, VTB said on Thursday, citing a decision taken by its supervisory board.
After the purchase, VTB will increase its stake from 96.4 to 96.8%
“VTB’s decision to buy more shares in the Bank of Moscow is part of programme of consolidation of the subsidiary bank on the books of the head organization seeking to improve the quality of corporate governance and transparency of the structure of the authorized capital of the Bank of Moscow. As a result, VTB will hold 96.88% of shares in the Bank of Moscow, VTB told TASS.
A 2.99% stake in the Bank of Moscow is owned by the offshore company Plenum Invest, and the remaining 0.6% - by minority stockholders.