MOSCOW Feb 26 Russia's second-largest bank VTB
and state conglomerate Rostec will buy a stake of
around 20 percent in Angolan bank Banco Privado Atlantico, VTB
said on Wednesday.
In a statement, VTB said that under the agreement, VTB's
existing subsidiary in Angola, Banco VTB Africa, will merge with
Banco Privado Atlantico.
There was no price disclosed for the deal, but VTB said the
deal, which strengthens the Russian bank's business in the
oil-rich country, should be completed mid-year.
VTB's Chief Executive Andrei Kostin said at a press
conference that VTB will probably hold the investment in the
bank for three years. The investment will be made through the
bank's investment arm, VTB Capital.
(Reporting by Megan Davies in Moscow and Shrikesh Laxmidas in