VTB has signed a framework agreement with Societe Generale to sell VTB's 10% stake in Rosbank. Following the transaction, VTB no longer owns any shares in Rosbank.
Under the agreement, VTB will also acquire from Societe Generale certain Russian assets including shares of highly liquid issuers as well as some loans and real-estate assets.
The transaction is expected to complete in 4Q 2013.
«We are pleased to announce that we have reached an agreement with Societe Generale. The sale of VTB's stake in Rosbank before the end of 2013 was a strategic goal for VTB, and I am happy that we have found a solution in the interests of both VTB and Societe Generale that will allow both banks to concentrate on growing their core businesses.».
Deputy President and Deputy Chairman of VTB Management Board