Russia's second largest bank VTB has closed a deal to buy 20 percent of Metalloinvest, one of the country's largest metals producers co-owned by Vasily Anisimov, the bank said on Thursday.
Media reports have said VTB is to receive a 20 percent stake as repayment of a $1.5 billion loan granted by the bank to Anisimov's Coalco Metals Company in 2008. Half of Anisimov's stake, 10 percent, was pledged to VTB for the loan.
"We are optimistic about Metalloinvest's global iron ore market prospects. We hope that our participation will give a new investment impulse to the further development of Metalloinvest," VTB First Vice-President Yuri Soloviev was quoted in the bank's statement as saying.
VTB head Andrei Kostin said last week the bank would be Metalloinvest's shareholder within the next two to three years until the metals company held an initial public offering.
