MOSCOW (Reuters) - VTB (VTBR.MM), Russia’s second biggest lender, estimates that the purchase of 100 percent of Bank of Moscow MMBM.MM will cost 258 billion roubles ($9.2 billion), chief financial officer Herbert Moos said on Monday.
“We expect what the total purchase price paid for 100 percent of Bank of Moscow will equate to 258 billion roubles,” Moos told a conference call.
VTB paid 103 billion roubles in February to buy a 46.5 percent stake in Bank of Moscow from City Hall and a blocking minority stake in an insurer that owns a further 17 percent.
VTB expects to increase its stake to over 75 percent by the end of the third quarter, which would unlock a bailout loan from the central bank. It then has until the end of next year to inject 100 billion roubles in capital into Bank of Moscow, which would raise its stake close to 100 percent.
Reporting by Katya Golubkova, Editing by Douglas Busvine