VTB Selling 10.5% Stake in Alrosa
June 24, 07
Vneshtorgbank (VTB), a Russian state-controlled bank, announced Saturday that it would sell within a month its 10.5 percent stake in Alrosa, Russia’s largest diamond mining company.
VTB’s president, Andrei Kostin, revealed the planned sale to journalists at the first banking forum of East European States and members of the Commonwealth of Independent States (CIS).
Kostin declined to reveal to whom the shares would be transferred.
In March 2006, VTB bought a share in the company from an Alrosa subsidiary, MAK-Bank, for an undisclosed amount.