MOSCOW, May 31 (RIA Novosti) - Russian state-controlled foreign trade bank Vneshtorgbank (VTB) will take over industrial and construction bank Promstroibank [RTS: PCBS] by the end of the year, the head of VTB's retail subsidiary said Thursday.
Mikhail Zadornov, the CEO of VTB-24, said the takeover would involve swapping VTB's stock for shares in Promstroibank, adding that both banks were currently determining the ratio of the share exchange.
In late 2005, VTB increased its stake in Promstroibank to 75% plus three shares. Promstroibank shareholders have already voted in favor of VTB's takeover.
