VTB to close the deal on the purchase of Promstroibank by December 25.
December 3, 2005 AK&M
Vneshtorgbank (VTB) intends to close the deal on the purchase of 75 percent equity stake in Promstroibank (PSB) by December 25, 2005, the VTB's President Andrey Kostin reported to journalists.
The Bank expects to complete the buyout of 50 percent of PSB shares before catholic Christmas, following the VTB's stake in Saint Petersburg bank will rise to 75 percent.
The deal amount is not disclosed.
PSB is the leading privately-owned bank in the north-west of Russia, with an extensive branch network, and also one of the top 10 banks in the country with, at end-2004, total assets of US$3.6 billion, net loans of US$1.9 billion and shareholders equity of US$0.3 billion.
In March 2005, Vneshtorgbank has acquired a 25% plus 1 share in the bank and an option to purchase a further 51% minus 1 share.
Company — VTB Bank North-West
Full nameVTB Bank North-West