Bank of Moscow shareholder Vitaly Yusufov has agreed in principle to sell his stake to VTB, Yusufov told reporters Wednesday.
"I preliminarily agreed that I am ready to sell the stake if VTB is ready to buy it out," he said.
Acquiring the stake is crucial for VTB, which needs more than 75 percent of the Moscow bank to release a bailout loan from the Central Bank. Yusufov said he is willing to sell his whole stake in Bank of Moscow with the price tag pegged to the lender's average share price for the last three to six months. Vedomosti quoted sources last week as saying VTB had offered to buy a stake of 26.8 percent in Bank of Moscow controlled by Yusufov for $1.25 billion, below its current market value of $1.4 billion.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
