JSC VTB Bank has today completed the acquisition of a 46.48% stake in Bank of Moscow from JSC Central Fuel Company. 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 acquisitions were approved by JSC VTB Supervisory Council last week, and are important steps in VTB’s goal of ultimately acquiring 100% of Bank of Moscow. This transaction is a top priority for JSC VTB Bank, as it lies at the core of VTB Group’s development strategy and, once completed, will enhance VTB’s positions both in the corporate and retail business segments.