VTB Seeks Nod For $31B Deals

Russia’s second-biggest lender,VTB, is seeking approval for up to $31 billion deals with rivals,Reutersreports. The firm will seek authorization for up to $16.75 billion worth of deals withBank of Moscowin the year to June 2012 and also for up to $14.4 billion withTransCreditBank(TCB).

VTB may require some funds to provide a subordinated loan to TCB and Bank of Moscow. In April, TCB announced that it would get $447 million from VTB to boost lending at the bank. Russia holds a 75.5% stake in VTB, which acquired its Bank of Moscow and TCB stakes for more than $4 billion.

Click here for the story fromReuters.