VTB prepared to sell Evrofinance Mosnarbank stake, but needs agreement between Russia, Venezuela to do so

 VTB (MOEX: VTBR) could sell its blocking stake in Evrofinance Mosnarbank, for which there are buyers, but agreements between Russia and Venezuela would be needed first, VTB chief Andrei Kostin told reporters on the sidelines of the World Economic Forum in Davos.

“The problem there is a little different. We have buyers, but our involvement in Evrofinance Mosnarbank is governed by an agreement between the two states. Moreover the state [Venezuela] promised and made a commitment to buy but did not,” he said.

“This is not a very big amount for us but generally we do not want to stay in there because we don’t see any business and there are certain political risks,” he said.

Kostin said earlier that talks on the sale of the stake in Evrofinance Mosnarbank were being held with foreign investors, some of them from Kazakhstan.

Evrofinance Mosnarbank was set up in 2003 following a merger between the Evrofinance and Mosnarbank banks. Venezuelan state fund Fonden S.A., which owns 50% minus 2 shares, became a shareholder in 2010. VTB and Russia’s Gazprombank (MOEX: GZPR) each own 25% plus one share.

Credit : http://www.interfax.com/newsinf.asp?y=2019&m=1&d=24&pg=2&id=882617

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