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Russia to cut stake in VTB bank

VTB, the second biggest Russian bank, announced Monday a stock offering worth $3.3 billion that should result in the state's share in the lender slipping to 60.9 percent from 75.5 percent as part of an effort by the Kremlin to boost Moscow's stature as a financial hub. The placement would allow the sovereign wealth funds Qatar Holding and Norges Bank Investment Management to take minority stakes alongside Azerbaijan's State Oil Fund and a small group of other foreign investors.

Russia to slash stake in No. 2 bank VTB

Russia's number two bank VTB announced Monday a stock offering of $3.3 billion that will see the state's share in the company reduced to 60.9 from 75.5 percent amid an effort by the Kremlin to boost Moscow's stature as a financial centre. The placement will allow sovereign wealth funds Qatar Holding, Norway's Norges Bank Investment Management and Azerbaijan's State Oil Fund to take on minority stakes.

Russia's VTB set to approve terms for $3.2 billion share sale

By Oksana Kobzeva and Megan Davies MOSCOW (Reuters) - Russia's second-largest bank VTB <VTBR.MM> was set to push ahead with a 100 billion rouble $3.2 billion (2 billion pounds) share sale in the coming weeks to bolster its capital, even as its shares languish after a series of strategic missteps.

Abramovich slips out of Russia Top 10 rich list

Chelsea football club owner and superyacht enthusiast Roman Abramovich slipped out of the top 10 richest Russians in Forbes magazine's 2013 ranking published on Thursday. The flamboyant steel, mining, real estate and telecommunications tycoon has lost $1.9 billion of his fortune and is now worth just $10.2 billion, putting him into 13th place in Russia and 107th in the world, Forbes said.

Abramovich slips out of Russia Top 10 rich list

Chelsea football club owner and superyacht enthusiast Roman Abramovich slipped out of the top 10 richest Russians in Forbes magazine's 2013 ranking published on Thursday. The flamboyant steel, mining, real estate and telecommunications tycoon has lost $1.9 billion of his fortune and is now worth just $10.2 billion, enough for 13th place, the Forbes list said. Forbes did not explain Abramovich's fall. He is noted for having one of the world's largest yachts that he uses to travel the world, and which recently docked in New York for the birth of his son.

Russia parliament backs Putin aide as bank chief

The Russian parliament yesterday confirmed President Vladimir Putin’s economic adviser Elvira Nabiullina as central bank chief after she vowed to ease the country’s inflation headache and achieve sustainable growth, reports AFP. Russia’s lower house of parliament backed her candidacy in a 360-20 vote three weeks after Nabiullina was picked to succeed the respected outgoing Bank of Russia governor Sergei Ignatyev. The 49-year-old economist by training is due to assume her post on June 24.

Russia slashes growth forecast to 2.4%

Russia's economic ministry on Thursday slashed the country's 2013 growth forecast to 2.4 percent from 3.6 percent amid a slowdown in both industrial output and consumer demand. Deputy Economic Development Minister Andrei Klepach also lowered the direct investment growth outlook to 4.6 percent from 6.5 percent. Klepach attributed the downgrades to flat Russian export growth that analysts blame on stalling industries and slowing business investments.

Russia central bank keeps main interest rate unchanged

The Russian central bank kept its main refinancing rate unchanged at 8.25 percent on Tuesday but appeared hint at future rate cuts amid pressure from policymakers for a action to boost economic activity. The Bank Rossii appeared to leave the door open for a cut in the future by saying inflation, currently high at 7.2 percent, should return to within its target range in the second half of the year.

Bidding war erupts for Russian mobile operator

Swedish telecoms operator Tele2 on Thursday announced it had agreed to sell its Russian subsidiary to Russian state bank VTB, but competitors said they could make a better offer. Tele2 said earlier it has agreed to sell Tele2 Russia, Russia's fourth mobile operator, to VTB in a cash transaction comprising $2.4 billion in equity value and $1.1 billion in net debt. It said the sale of Tele2 Russia is expected to close shortly but the Alfa group of Russian billionaire Mikhail Fridman immediately contested the terms.

Russian bidders offer up to $4.25 billion for Tele2 assets

By Megan Davies and Maria Kiselyova MOSCOW (Reuters) - Russian mobile companies MTS and Vimpelcom Ltd joined the bidders for Tele2 AB's Russian unit on Thursday, rivalling a proposal by billionaire Mikhail Fridman's A1 investment group and an agreed deal with VTB Bank OAO. MTS and Vimpelcom are offering to buy the asset for $4.0 billion (2.6 billion pounds) to $4.25 billion, including $1.15 billion of net debt, they said late on Thursday, claiming their bid was at a premium of up to 30 percent over the agreed deal with VTB.
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