Russia’s second-largest lender VTB has completed the acquisition of an 85% stake in smaller rival Vozrozhdenie Bank.
VTB in its stock exchange filing said that it will make the mandatory buyback offer to the minority’s shareholders of Vozrozhdenie Bank.
“The buyback option will be available to all minority shareholders until January 2019,” the statement read.
VTB acquisition details
The deal, signed in August this year, has received all due regulatory approvals. It was approved by VTB’s Supervisory Council in September.
The final integration of Vozrozhdenie Bank is expected to be concluded in 2020.
VTB added that Vozrozhdenie Bank’s team, which possesses expertise in Moscow region and other local markets, will be retained.
“The banks intend to continue catering existing key products and services for the retail and corporate customers of Vozrozhdenie Bank while developing the product offering and improving competitive advantages benefitting from technological, product and financial capabilities of VTB Group,” the statement added.
At the time of announcing the deal, VTB said that Gennady Soldatenkov, a member of its Management Board, will be appointed the chairman of Vozrozhdenie Bank’s management board.
Vozrozhdenie Bank’s incumbent chairman of management board Mark Nakhmanovich will continue to serve as the deputy chairman of the Board of Directors.