09:48 GMT +320 October 2018
Listen Live
    Business

    FEDERAL ANTI-TRUST SERVICE GIVES VNESHTORGBANK GO-AHEAD WITH GUTA TAKEOVER

    Business
    Get short URL
    0 20
    MOSCOW, July 15 (RIA Novosti) - The Federal Anti-Trust Service (FAS) has given Vneshtorgbank the go-ahead with the purchase of an 85.8 percent stake in Guta Bank in a bid to solve it from bankruptcy.

    According to FAS estimates, after the prospective Guta takeover, Vneshtorgbank's aggregate share on the federal market of bank deposits will increase from 0.34 percent to a mere 2 percent and that on the market of lending services to individuals, to just 5 percent, up from 0.75%.

    Russia's Anti-Trust Service has also established that both Vneshtorgbank and Guta offer services and run branch offices in sixteen Federation member states. "An analysis of the competitive environment on regional banking services markets indicates that the deal at hand will not give to Vneshtorgbank a dominant position in either of those [16] Federation member states," the Federal Anti-Trust Service says in a press release. It concludes that the planned takeover will not restrict competition or make Vneshtorgbank a dominant player on the banking services market.

    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment