VTB Capital acquired a stake in OAO Rosbank from Vladimir Potanin’s Interros Holding Co., as the investment arm of Russia’s second-largest lender said it sees a “strong growth outlook” in the country’s banking industry.
VTB Capital, which bought a 19.3 percent stake in Rosbank, didn’t provide financial details. Societe Generale SA controls 64.7 percent of the Moscow-based bank, according to Rosbank’s website.
“This is a very attractive asset, which has a lot of potential because of a strong growth outlook of the Russian banking industry and the expected synergy with Societe Generale’s assets and franchises,” VTB Capital Chief Executive Officer Yuri Soloviev said in the statement.
State-run VTB Capital overtook Renaissance Capital as the country’s biggest underwriter with a 12.3 percent share of this year’s stock sales, according to data compiled by Bloomberg.
Rosbank had 721.3 billion rubles ($23 billion) in assets and 44.3 billion rubles in equity as of Oct. 1, according to the statement. The bank operates more than 600 outlets in 70 regions across Russia.
Rosbank had a market value of 86.9 billion rubles based on today’s closing share price.
To contact the editor responsible for this story: Brad Cook at email@example.com