Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Generali Said to Be Interested in Stake in VTB Group

Assicurazioni Generali may buy about 1 percent of VTB Group for about $300 million, said a person with knowledge of the situation.

Italy’s biggest insurer expressed its interest in buying the stock through a planned share sale of a 10 percent stake of the bank owned by the Russian government, said the person, who asked not be identified because the talks are private.

Russia will start the sale of its 10 percent stake in VTB on Monday, an official in the government’s press service said Feb. 4. The government hired Deutsche Bank, Merrill Lynch and VTB Capital for the sale and doesn’t intend to sell another stake in the Moscow-based lender for at least three months after the deal is completed, the official said.

A Generali official at the company’s Trieste headquarters declined to comment. A VTB spokesman in Moscow said the outcome of the presentation to investors might be known by Friday, declining to comment on Generali’s bid.

Generali may become a strategic investor in the company, Vedomosti reported Monday, citing two unidentified people working on the matter.

Russia boosted its stake in the bank to 85.5 percent from 77.5 percent in September 2009 by acquiring shares for 180 billion rubles ($6 billion) as part of a program to stabilize the financial industry. VTB president Andrei Kostin said Oct. 1 that the lender “definitely” planned to conclude the sale of a 10 percent government stake by mid-2011.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more