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Russia's VTB Bank buys local fiscal data operator

VTB Bank PJSC announced the acquisition of a 100% stake in Russian fiscal data operator AO ESK, operating under the 1 OFD brand, from ESN Group.

The Russian state-controlled lender said the acquisition is a strategic investment that will help it exploit the potential of big data for the group and for its customers. Based on the data received from 1 OFD, VTB will be able to quickly monitor the financial situation of corporate clients, improve scoring models and increase conversion of targeted offers.

VTB did not disclose the price of the transaction, while Kommersant estimated the value of the deal at between 1 billion Russian rubles and 2 billion rubles.

As of Aug. 7, US$1 was equivalent to 65.59 Russian rubles.