July 27, 2011 / 11:46 AM / in 7 years

Yusufov to sell his Bank of Moscow stake to VTB

MOSCOW, July 27 (Reuters) - Bank of Moscow MMBM.MM shareholder Vitaly Yusufov said on Wednesday he has entered into a preliminarily agreement to sell his stake to Russia’s second-largest lender, VTB (VTBR.MM).

“I preliminarily agreed that I am ready to sell the stake if VTB is ready to buy it out,” he told reporters.

Last week, Vedomosti daily quoted sources saying that VTB had offered to buy out a stake in Bank of Moscow controlled by Vitaly Yusufov for $1.25 billion.

The newspaper also quoted a source close to Yusufov as saying he was prepared to sell for $1.6 billion.

VTB in February paid $3.7 billion to buy a 46.5 percent stake in Bank of Moscow from the city, as well as a blocking minority stake in an insurer that owns a further 17 percent in the lender.

Reporting by Oksana Kobzeva; writing by Vladimir Soldatkin; editing by Alfred Kueppers

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