Wednesday, 4 August 2010

Gulf investors seek stake in top Russia bank

VTB, Russia's second biggest lender, said it was studying the potential demand for its shares from investors, including those in the Gulf, as the government plans a massive privatisation drive.

Russia will open its most ambitious privatisation programme since the 1990s to foreign investors as it plans to earn at least $29 billion through asset sales including a 25 percent stake in state-run VTB.

"VTB ... is working with a wide range of potential investors and studying a demand actively. As a part of our work with investors from the Persian Gulf we talked about possible options for investments into VTB but no direct agreements have been achieved," VTB's press-service said by email.

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