MOSCOW, July 9 (RIA Novosti) - The Vneshtorgbank, Russia's principal foreign trade bank, will acquire 86 per cent of Guta Bank stock. The purchaser's spokesmen met Guta holders today and agreed on the arrangement in principle, the two banks say in a joint statement.
The purchase promises to revive the Guta within a week, and get all transactions going again with corporate and private clients, loans being no exception.
The change will bolster up the Guta Bank in transactions with corporate and private clients, and help the entire Russian banking sector to regain stability, the statement says assuredly.
The Central Bank of Russia has vouched support of the purchase, and is willing to deposit US$700 million in the Vneshtorgbank.
