January 24, 2011 / 7:13 AM / 9 years ago

Alfa Bank eyes Bank of Moscow stake - report

MOSCOW, Jan 24 (Reuters) - Alfa Bank, Russia’s biggest privately owned lender, wants to buy up to 100 percent of Bank of Moscow MBM.MM and is calling for an open sale rather than a private disposal to VTB (VTBR.MM), Vedomosti reported.

Alfa Bank, owned by a group of Russian businessmen including Mikhail Fridman, has already expressed its intent to buy the city-government-controlled bank to Moscow mayor Sergei Sobyanin, the business daily reported in its Monday edition.

Alfa is willing to take an initial 46.48 percent stake in the bank and eventually hopes to boost that to 100 percent.

The City of Moscow, short of funds, is looking at various options for selling its Bank of Moscow stake, Sobyanin has said.

A closed sale to state-controlled VTB, Russia’s second largest lender, was seen as the most likely option by analysts. Disposal via an open tender would take longer. [ID:nLDE70I0SX] (Writing by Thomas Grove; Editing by Dan Lalor)

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