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The Russian government will consider an additional share issue for state-controlled Vneshtorgbank at its December 7 session
The Russian government will consider an additional share issue for state-controlled foreign trade bank Vneshtorgbank (VTB) at its December 7 session, the economic development and trade minister said Tuesday. "The government will address the matter on December 7," German Gref said. The government said last week it will retain controlling stakes in VTB and savings bank Sberbank [RTS: SBER] for the next five years. The state's ownership of the banks is set to be gradually reduced over the coming years. VTB is seeking further worldwide expansion, with branches to operate in 21 countries in the next 18 months. New branches are set to be launched in ex-Soviet republics and in Asia, including in Vietnam, China, and India. As of June 30, 2006, VTB Group had 151 branches in 13 countries. Finance Minister Kudrin said earlier private investors' share in VTB will be gradually increased, but did not specify the size of additional share issues.
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