VTB Group will acquire a majority stake in the Bank of Moscow, The Wall Street Journal reports. The Russian state-controlled bank will pay $3.5 billion for a 46.48% stake in Bank of Moscow and a 25% stake in the Capital Insurance Group from the city of Moscow. The city of Moscow sold its stake to Moscow-based VTB indirectly through the Central Fuel Company. VTB representatives, including CEO Andrei Kostin, were elected to the bank’s board.
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