TransCreditBank may show growth after merger with VTB

Troika Dialog reported this morning that VTB’s supervisory board has approved the purchase of 100% stake in TransCreditBank. VTB is looking to buy a controlling stake by end 2010 from Russian Railways (further discussion is scheduled for the next week) and minority shareholders. 

The price will be no more than 2.2 times TransCreditBank’s adjusted Tier 1 capital by year end, implying a valuation for the entire bank of $1.6 billion. Adjustments will not be material, instead being aimed at avoiding any negative revaluation of equity during future impairment tests.

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