26 November 2024

Azerbaijan

23:35 16 May 2016 Read: 874

The State Oil Fund of Azerbaijan (SOFAZ) has no plans to increase its share in Russia`s VTB Bank, SOFAZ told.

Earlier, Russia`s President Vladimir Putin signed a decree to reduce the state`s share in the bank`s authorized capital from 45 percent to 42.8 percent.

SOFAZ has 2.95 percent share in Russia`s VTB Bank. It obtained this share for $500 million.

VTB Bank is represented in Azerbaijan through its VTB Bank (Azerbaijan) subsidiary.

VTB Bank (Azerbaijan) renders services to the customers of corporate business, small business and private clients.

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