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Russia's VTB agrees to buy controlling stake in Vozrozhdenie Bank

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Russia's VTB agrees to buy controlling stake in Vozrozhdenie Bank

VTB Bank (PJSC) reached an agreement with Bonum Capital (Cyprus) Ltd. to acquire a majority stake in Vozrozhdenie Bank

VTB said Aug. 14 that it plans to acquire at least a 75% holding in Vozrozhdenie, and Deputy Chairman Anatoly Pechatnikov later specified that it would strive to purchase at least 90%, buying shares from Vozrozhdenie minority shareholders, Reuters reported.

Bonum Capital acted as an arranger of the transaction, financial details of which were not disclosed. The deal is expected to be closed in September, after required approvals are received, and the integration of Vozrozhdenie with VTB is expected to be completed in 2020.

Gennadiy Soldatenkov, a VTB management board member, will become chairman of the management board at Vozrozhdenie, replacing Mark Nakhmanovich, who will become deputy chairman of its board of directors.

Vozrozhdenie was put up for sale by Russian businessmen Dmitry and Aleksey Ananiev at the request of the Russian central bank, after PAO Promsvyazbank, which they also controlled, was taken over by the regulator at the end of 2017. VTB confirmed its interest in acquiring Vozrozhdenie in June, saying at the time that the transaction could be completed in the third quarter of 2018.