Goldman Sachs and Credit Suisse snap up stakes in Bank of Moscow
MAJOR international banks Goldman Sachs and Credit Suisse have bought small stakes in state-run Bank of Moscow, an encouraging sign for Russia as it considers a broader sale of the state’s financial assets.
As part of a $29bn (£18.6bn) fund-raising effort to plug gaps in the budget, Russia is looking at the sale of minority stakes in major state-owned lenders Sberbank and VTB.
Goldman Sachs bought a 3.88 per cent stake in Bank of Moscow, and Credit Suisse 2.77 per cent, the Russian bank said on its website.
Bank of Moscow has a total market cap of $5.1bn, according to Reuters data. Earlier this month it sold 2bn roubles (£467m) of additional shares to private and public investors at 1,003 roubles per share.