19:27 GMT +315 November 2018
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    Yusufov sells 19.9 pct stake in Bank of Moscow to VTB

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    Businessman Vitaly Yusufov, Bank of Moscow's second largest shareholder, has sold his 19.91 percent stake in the bank to principal shareholder VTB bank for an undisclosed sum, a source close to the deal said on Thursday.

    Businessman Vitaly Yusufov, Bank of Moscow's second largest shareholder, has sold his 19.91 percent stake in the bank to principal shareholder VTB bank for an undisclosed sum, a source close to the deal said on Thursday.

    Bank of Moscow, the capital's investment vehicle under previous Moscow Mayor Yury Luzhkov, was recently taken over by VTB bank after President Dmitry Medvedev fired Luzhkov over a lack of trust last fall.

    A recent central bank check revealed a hole in Bank of Moscow's assets and it was granted Russia's largest bailout in the banking sector - 400 billion rubles ($14.30 billion), of which 100 billion rubles will be contributed by VTB.

    VTB announced on Thursday it had consolidated 80.57 percent of Bank of Moscow's shares allowing it to launch the bank's financial recovery procedures.

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