VTB Capital launches participatory notes for Saudi investors

MOSCOW Thu Jan 17, 2013 11:00am EST

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MOSCOW Jan 17 (Reuters) - VTB Capital, the investment unit of Russia's No.2 lender VTB, said on Thursday it has issued dollar-denominated participatory notes for investors in the Saudi Arabian equity market, signaling the bank's expansion strategy in the region.

The notes allow international investors more direct access to the Saudi shares by bypassing sponsoring banks, VTB Capital said in a statement.

"The business development in the MENA region is a strategic part of VTB Capital's international expansion," Alexei Yakovitsky said in a statement. (Reporting by Lidia Kelly; Editing by Elaine Hardcastle)