Tuesday, August 16, 2005
Vneshtorgbank looking to acquire Russia’s foreign banks
Vneshtorgbank (VTB) hopes to get the permission
of British supervisory agencies to buy the Londonbased
Moscow Narodny Bank from the Central
Bank of Russia no later than September, said
Andrei Kostin, VTB president and board chairman.
The bank has received the permission of French
authorities to buy Eurobank. "We plan to complete
the acquisition of Russia's foreign banks by the end
of the year," Mr. Kostin said. VTB wants to form a
holding of foreign banks under a common brand,
possibly VTB Europe. The Central Bank
announced its intention to withdraw from the capital
of Russia's foreign banks in mid-2002. The
International Finance Corporation, which had
granted $100-million loans to both banks, and VTB
were named possible buyers of the shares of
Central Bank's biggest foreign subsidiaries -
Moscow Narodny Bank and Eurobank. FCNovosti
of British supervisory agencies to buy the Londonbased
Moscow Narodny Bank from the Central
Bank of Russia no later than September, said
Andrei Kostin, VTB president and board chairman.
The bank has received the permission of French
authorities to buy Eurobank. "We plan to complete
the acquisition of Russia's foreign banks by the end
of the year," Mr. Kostin said. VTB wants to form a
holding of foreign banks under a common brand,
possibly VTB Europe. The Central Bank
announced its intention to withdraw from the capital
of Russia's foreign banks in mid-2002. The
International Finance Corporation, which had
granted $100-million loans to both banks, and VTB
were named possible buyers of the shares of
Central Bank's biggest foreign subsidiaries -
Moscow Narodny Bank and Eurobank. FCNovosti
