JSC VTB Bank has started implementing the General Agreement on financial support for Bank of Moscow (BoM), with VTB Debt Centre consolidating 46.48% of BoM ordinary shares. VTB Debt Centre acquired these shares from JSC VTB Bank.
The General Agreement was signed by the Bank of Moscow, the Deposit Insurance Agency (DIA) and VTB Group companies — VTB Debt Centre and VTB Pension Administrator. Under the General Agreement, VTB Debt Centre and VTB Pension Administrator, acting as investors, are to consolidate at least 75% in Bank of Moscow and to increase BoM’s charter capital. Once this has been completed, the DIA will provide financial support to Bank of Moscow.
VTB Group believes it is well on track to implement the BoM support plan and expects to increase the Group’s stake in BoM to at least 75% by the end of 3Q 2011.