13:24 GMT +318 December 2018
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    Russian Central Bank to conclude deal with VTB Group December 28

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    MOSCOW, December 26 (RIA Novosti) - The Central Bank and Russian state-owned foreign trade bank Vneshtorgbank (VTB Group) will complete a deal December 28 allowing the latter to buy the Central Bank's stakes in Russian banks operating abroad, a Central Bank official said Monday.

    "We will conclude the deal on December 28," Central Bank First Deputy Chairman Alexei Ulyukayev told a news conference.

    He said that according to the agreement signed on December 21, all of the Central Bank's capital and deposits in Russian overseas banks would be transferred to the VTB Group.

    VTB is expected to buy out the stakes in Vienna-based Donau Bank, East-West United Bank in Luxemburg, BCEN-Eurobank in Paris, Moscow Narodny Bank in London, Ost-West Handelsbank in Frankfurt and others.

    VTB Group's growing presence in Western Europe is aimed at attracting foreign investment in Russia's economy and promoting Russian investment abroad.

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