JSCVL JSC VTB Bank (CE)

By Dimitrios Kontos

Moscow-headquartered VTB Bank (VTBR.MZ) said Tuesday that it has agreed to buy a majority stake in Zapsibcombank, a bank in the Ural region of Russia.

The exact number of shares will be determined after VTB makes a mandatory share-purchase offer to Zapsibcombank's minority shareholders, but will represent an interest of over 70%, the Russia-based bank said.

VTB expects the deal to close by the end of 2018, it said.

Zapsibcombank has over 600,000 private and 21,000 corporate clients and its acquisition will allow VTB to almost double its share in the Urals' retail-loan market, it said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

November 06, 2018 07:12 ET (12:12 GMT)

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