August 13 (SeeNews) - Russian lender VTB said it has sold its Serbian subsidiary VTB Banka for 900 million Russian rubles ($13.2 million/11.6 million euro).
VTB booked a profit of 300 million rubles from the sale of VTB Banka a.d. Beograd, the Russian bank said in its interim consolidated financial report for the first half of 2018 published last week.
You can subscribe to our M&A newsletter here
In July, VTB Banka a.d. Beograd said its entire capital, composed of 7,344,813 shares with a nominal value of 500 dinars ($4.9/4.2 euro) apiece, was acquired by Russian banker Andrеy Shlyakhovоy.
The acquisition was carried out through a Serbian company established by Shlyakhovоy and with the approval of Serbia's central bank, VTB Banka said in a statement last month.
VTB took control of the Serbian bank in 2013 as a result of the acquisition of the Bank of Moscow. Back then, the name of the Serbian lender was changed to VTB Banka a.d. Beograd from Bank of Moscow (Belgrade).
(1 euro = 77.5173 Russian rubles)