Tycoon Kerimov becomes largest individual shareholder of VTB
2011-02-17 16:53:01
Russian senator and tycoon Suleiman Kerimov has bought $500 million worth of shares in Russia's second largest bank, VTB, the Vedomosti business daily said on Thursday.
"Kerimov's representative confirmed that the businessman's two funds acquired a stake of more than 1.5% in VTB, worth $500 million," Vedomosti said. "He also said Kerimov used his own funds to acquire the shares."
The tycoon applied to buy 5% in VTB shares, but got less than he expected, sources close to the deal told Vedomosti.
The paper wrote that Kerimov would continue his participation in the government's privatization program, which includes a 7.6% stake of the country's top bank, Sberbank. Kerimov will bid for the whole stake during the sale, which is to start in the second half of the year.