VTB intending to acquire a majority stake in one of Georgian bank majors.

Analytical Information Agency, Russia
May 28 2004

Vneshtorgbank (or VTB) is intending to acquire a majority stake in one
of Georgian bank majors. VTB said the principal agreement on the issue
has been announced over the formal meeting of Georgian’s President
Mikhail Saakashvili with the delegation of Russian manufacturers
headed by the RF Economic Development Minister German Gref.

As informed earlier, VTB completed the deal in March to get 70%
stake in Armsberbank, second largest bank of Armenia.