PRIME-TASS. The board of directors at the Bank of Moscow (VTB Group) decided to discontinue participation in its subsidiary bank, Mosvodokanalbank (a Top 600 bank by assets), the Bank of Moscow said in a press release.
Mosvodokanalbank is one of the Bank of Moscow’s two subsidiaries in Russia. Apart from this lender, the Bank of Moscow controls Russian National Commercial Bank.
Initially the Bank of Moscow intends to boost its equity stake in Mosvodokanalbank from the current 65.9% to 92.7% and later to pull out of the lending institution.
“The pullout from Mosvodokanalbank is driven by the implementation of the Bank of Moscow’s strategy. The stake will be raised by buying the current shareholders’ holdings. The shares will be sold on the market, to a group of interested investors," the lending institution’s press service told Prime-TASS.
Transport operator Lyublino currently owns 25% of Mosvodokanalbank, a 4.08% stake is held by Industrial Construction Company PIKS, Production Construction Firm KOPR’s holding equals 2.61% and Mosgorgidrostroy’s stake is equal to 1.87%.
