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VTB targets TransCreditBank takeover

      RBC, 27.09.2012, Moscow 11:37:28.Russia's second-largest bank VTB is expected to close a deal before long to take over TransCredit Bank (TKB), RBC Daily reported, citing a source close to TKB.

      VTB currently holds a 77.79% stake in TKB, Russian Railways owns 21.8%, and other shareholders own 0.4%. VTB's stake in TKB is expected to rise to 99.6% after the deal.

      VTB confirmed that it plans to finalize the acquisition of TKB's shares within a week. VTB's press service said that TKB is worth more than twice its shareholders' equity. Therefore, a 100% stake in the bank could cost about RUB 97.6bn (approx.USD 3.13bn). Based on this estimate, VTB would need to spend about RUB 20bnbn (approx. USD 640.61m) to buy out TKB's remaining equity.

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