Published: October 7, 2013
Bank sells 10% stake to Societe Generale.
VTB, Russia’s second-largest banking group, has sold its 10% stake in compatriot Rosbank to Societe Generale. VTB no longer has a stake in the bank, the country’s 5th largest by assets.
VTB is also to acquire from Societe Generale a selection of Russian assets, including shares of ‘highly liquid issuers’ and some ‘loan and real estate assets’, the bank said in a filing to the London Stock Exchange. The transaction is expected to be completed in the fourth quarter.
Herbert Moos, deputy president and deputy chairman of the VTB management board, said that the divestment of the Rosbank stake by the end of 2013 was a ‘strategic goal’ for VTB and that the settlement will allow itself and Societe Generale to ‘concentrate on growing their core businesses’.