Bank of Moscow will be sold

Buy it the second largest bank in the country. On its firm intention to acquire 100% of the credit institution, said VTB President Andrei Kostin. "We also do not conceal that we are interested in buying a controlling stake, or 100%, Bank of Moscow. And we expect that no later than the first half of next year will be able to do it. Today we have excess capital and we want to more effectively use it "- he said. The transaction price is not defined yet. Information about the possible sale of Bank of Moscow appeared immediately after resigning as mayor, Yuri Luzhkov. The new mayor Sergei Sobyanin wanted to get rid of non-core assets since it was associated with the former crew of the authorities. Experts estimate the value of Bank of Moscow at 93 billion rubles. Buying a lending institution VTB will significantly expand its branch network: today it has 70 offices in the capital, and the Bank of Moscow - 140 (in Russia there are 387 points of sale). For VTB it will be 13-m acquisition, before he had bought 12 banks. Bank of Moscow is held by several owners: 46.48% of the shares are on the balance of the Department of State and municipal property of Moscow, 17.32% for "Capital Insurance Group, 20.32% in the presidential institution Andrei Borodin and his adviser Leo Alalueva.