By Andrei Skvarsky.
Russia’s state-owned VTB Group, which is taking over Bank of Moscow, expects the latter to make a minimum net profit of 30bn rubles for 2013, a sum equivalent to $954m at the current exchange rate.
Bank of Moscow recorded losses of 68.3bn rubles ($2.17bn) for 2010. However, VTB expects the capital city’s lender to make a profit of 3bn rubles ($95.4m) for 2011, according to Russian business daily Vedomosti.
VTB, Russia’s second biggest lender, is buying a 75% stake in Bank of Moscow in a bailout deal to be closed by the end of September. After that Russia’s Investment Insurance Agency is to provide the Moscow firm with another bailout of 295bn rubles ($9.37bn).
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