Bank Austria Bids for Bank of Moscow

Published: January 14, 2011; 00:29 · (Vindobona)

The UniCredit subsidiary is reported as holding talks with the Bank of Moscow to acquire a 46.5% stake.

Bank Austria Bids for Bank of Moscow / Picture: © Flickr

According to the Russian newspaper “Vedemosti", Bank Austria is bidding for a 46.5% minority interest in the Bank of Moscow. "Vedemosti" named sources from the circle of Russian bank managers. The share is being sold by the city of Moscow. Other minority shareholders are Goldman Sachs and Credit Suisse.

The Russian bank VTB is also reported to be interested.

The value of this package of shares of the Bank of Moscow is estimated at € 2.2bn. The capitalization of the bank amounts to € 4.4bn. UniCredit has mentioned recently having expansion plans into Russia and Turkey.

There are no comments from Bank Austria, neither have there been any on side of the parent company UniCredit as yet.