Bank of Moscow has sold the Latvian "daughter»

Bank of Moscow, 46.48% owned VTB, the Latvian sold his "daughter" - Latvian Business Bank, told RIA Novosti on Wednesday, 27 April, an unnamed source familiar with the situation. Bank of Moscow said that reduced its stake in the share capital of Latvian credit institution to 0% to 99.97%. The date on which the changes occurred - April 26, 2011. Source RIA Novosti news agency declined to name the price and the buyer confirming the sale. "The idea was to sell the bank a long time, about a year preparing for this, so it's not spontaneous operation. She also agreed with the new owners - the interviewee said. Along with a large share of VTB Bank of Moscow owns a businessman Vitaly Yusufov, the son of former Russian energy minister Igor Yusufov. In March of this year, Vitaly Yusufov acquired 20% stake in the bank at the ex-president of Bank of Moscow Andrey Borodin, who is currently in London, as against him in Russia initiated a case on suspicion of abuse of authority when issuing a loan by the Bank of Moscow JSC Premier Estate "almost at 13 billion rubles. "The reason is that the Bank of Moscow did not accept a return on capital and strategy (the bank) - Retail was not there at all. In addition, Latvia and Russia is not a very close relationship "- the source added. Officially, the Bank of Moscow said that the exit from the shareholders of the Bank of Latvia is associated with the planned restructuring of the bank's presence in the Baltics.