CCB buys stake in 2nd biggest Russian bank

China Construction Bank among buyers of a 55% stake in VTB Bank.

Among the other buyers were the sovereign wealth funds of Qatar, Norway and Azerbaijan. VTB said it has completed its US$$3.3 billion offering of new shares. The Russian government’s stake, which did not participate in the offering, was diluted to 60.9% from 75.5%.

A share issue was essential for VTB to improve its capital adequacy ratio and fuel lending growth targets for this year set at between 15% and 20%.

VTB is one of the leading universal banks in Russia. VTB Bank and its subsidiaries comprise a leading Russian financial group, VTB Group, offering banking services and products in Russia, CIS, Europe, Asia, Africa and the U.S.