VTB buys into Russian Railways' bank

13.07.2010 (17:20)

VTB has finally resolved to buy a stake of no more than 20 percent in TransCreditBank (TCB).

Considering that the deal is valued at RUB 5bn-6bn (approx. USD 161.92m-194.3m), and TCB's capitalization is currently hovering around RUB 34bn (approx. USD 1.1bn), VTB is likely to obtain 14-17 percent in its authorized capital, RBC Daily wrote today citing a source in TCB. The deal is expected to be closed before the fall of 2010.

The source noted that the deal had no economic value, but was of a purely political nature. The acquisition of a stake in Russian Railways' base bank will have no effect on the management team, and TCB's development strategy will remain unchanged. TCB will not be included under the VTB umbrella brand.

www.rbcnews.com 

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Publications on the theme

Bank VTB: VTB enhances cooperation with Russian Railways

20.10.2011 (15:19)

Aspired to enhance cooperation with the largest Russian transport company, JSC Russian Railways (the RZhD) VTB Bank has granted it a RUB 80 mln credit line.

VTB ups stake in TransCreditBank to 73%

21.07.2011 (11:35)

VTB has closed a transaction to purchase a 29.4% interest in TransCreditBank from Russian Railways, thus bringing its stake to 72.9%, VTB said in a statement late Wednesday.

Russian Railways to sell TransCreditBank stake for $1bn

18.07.2011 (10:13)

Russian Railways will sell its 54.4% interest in TransCreditBank to VTB for about RUB 30bn (approx. USD 1.07bn), Russian Railways President Vladimir Yakunin said.

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