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Russian investor acquires VTB's Serbian unit

Russian investor and banker Andrey Shlyakhovoy acquired a 100% stake in VTB Bank (PJSC) unit VTB Banka a.d. Beograd in a transaction that has received Serbian central bank approval.

The acquisition was carried out via a Serbian company set up and fully owned by Shlyakhovoy, the Serbian lender said July 26. Financial details of the deal were not disclosed.

VTB Banka Beograd has branches in the cities of Belgrade and Novi Sad, and reported a first-half net profit of 60.5 million Serbian dinars, with total assets of 13.4 billion dinars. VTB Bank CEO Andrey Kostin said at the beginning of July that the Russian lender was planning to sell the Serbian unit to a Central Europe-based buyer, estimating the value of the deal at up to €10 million.

As of July 25, US$1 was equivalent to 101.07 Serbian dinars.