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Tycoon Kerimov becomes largest individual shareholder of VTB


Russian senator and tycoon Suleiman Kerimov has bought $500 million worth of shares in Russia`s second largest bank, VTB, the Vedomosti business daily said on Thursday.

"Kerimov`s representative confirmed that the businessman`s two funds acquired a stake of more than 1.5% in VTB, worth $500 million," Vedomosti said. "He also said Kerimov used his own funds to acquire the shares."

The tycoon applied to buy 5% in VTB shares, but got less than he expected, sources close to the deal told Vedomosti.

The paper wrote that Kerimov would continue his participation in the government`s privatization program, which includes a 7.6% stake of the country`s top bank, Sberbank. Kerimov will bid for the whole stake during the sale, which is to start in the second half of the year.

Source: Tycoon Kerimov becomes largest individual shareholder of VTB

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