Monday, August 30, 2010

Russia May Cut Stake in VTB To 50%

Finance Minister Aleksei Kudrin announced today that Russia may privatize a portion of its share in VTB, the country's largest bank. Last year, the state increased its ownership stake in VTB from 77% to 85% in exchange for an injection of cash intended to stabilize the bank during the financial crisis. Today, Russia's government is facing a significant budget deficit and is looking at selling off part of its vast portfolio of assets to decrease the shortfall. (Moscow Times, 30 August, 2010)

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