VTB acquires stake in the Bank of Moscow and Capital Insurance Group
SC VTB Bank has today completed an acquisition of 46.48% of Bank of Moscow shares from JSC Central Fuel Company. Simultaneously, the Bank has also acquired 25% + 1 share of JSC Capital Insurance Group.
This follows the election of five VTB executives to the Bank of Moscow Supervisory Board on Monday at an Extraordinary Shareholders Meeting. The five elected executives are: Andrey Kostin, Mikhail Kuzovlev, Andrey Puchkov, Alexander Yastrib and Erkin Norov.
The acquisition of 46.48% of the Bank of Moscow shares and 25% + 1 share of the Capital Insurance Group was approved by JSC VTB Supervisory Council last week, and is an important step in VTB’s ultimate goal of a 100% acquisition of the Bank of Moscow.
Acquisition of the Bank of Moscow is a top priority for JSC VTB Bank. This transaction lies in the core of VTB Group’s development strategy and, once completed, will enhance VTB’s positions both in the corporate and retail business segments.