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CCB buys stake in Russia's VTB Bank

CCB buys stake in Russia’s VTB Bank

(27 May 2013 – China) China Construction Bank (CCB) has bought a stake in Russia’s second largest bank.

CCB was among other buyers of a 55 percent stake in VTB Bank, the others included the sovereign wealth funds of Qatar, Norway and Azerbaijan.

VTB has completed its US$3.3 billion (A$3.4 billion) offering of new shares.

The Russian Government’s stake, which did not participate in the offering, was diluted from 75.5 percent to 60.9 percent.

VTB is one of the leading universal banks in Russia. VTB Bank and its subsidiaries comprise a leading Russian financial group, VTB Group, offering banking services and products in Russia, CIS, Europe, Asia, Africa and the United States.

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