VTB to acquire another 29.4% stake in TransCreditBank from Russian Railways.

By bne IntelliNews July 18, 2011
Russias second largest bank VTB and Russian Railways (RZD) railroad monopoly signed an agreement on acquisition of 29.39% stake in TransCreditBank, formerly affiliated with RZD. Currently VTB already owns 43.2% of TranscreditBanks shares. RZD is planning to sell the remaining 25% plus one share in the bank to VTB by the end of 2013, planning to raise about RUB 40bn from the deal overall. As reported, TransCreditBank could be merged with VTB 24, a retail arm of Russias second largest bank state-controlled VTB, head of TransCreditBank Yury Novozhilov said to the press last month. TransCreditBank was founded in 1992 and was affiliated with Russian Railways. It is among top 30 Russias banks in terms of assets. Its RAS net profit for Jan-June 2011 went up by 43% y/y to RUB 3bn in Jan-June 2011. Banks assets rose by 11% y/y in H1/11 to RUB 422bn. In 2010 banks RAS net profit went down by 10% y/y to RUB 4.66bn.
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