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VTB Bank OAO to consolidate Belarusian subsidiary after buying minority shareholders out-Interfax


Monday, 2 Dec 2013 11:57pm EST 

VTB Bank OAO:VTB will buy 2.63 percent of shares of Belarus-based CJSC Bank VTB from minority shareholders to consolidate 100 percent of the subsidiary-Interfax.VTB's supervisory board approved the share acquisition on Dec. 2, a statement from the bank says.These shares currently belong to Mozyr Oil Refinery and the companies Belneftestrakh and Lidanefteprodukt.The cost of the planned deal is not mentioned in the statement.Going by the parameters set down in a recent deal between VTB and the Belarusian State Property Committee, when the Russian bank bought 25.95 percent of its subsidiary for $19.1 million, the minority stake could be worth around $2 million. 

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