OREANDA-NEWS. On December 25, 2007 Moscow Bank for Reconstruction and Development became a holder of controlling stake in East-West United Bank, Luxemburg. After purchasing 49% of EWUB shares from VTB Group MBRD increased its participation up to 66%. Transaction amounted to 31 million Euro, reported the press-centre of MBRD.

As of the second half of 2007, MBRD owned 17% of shares, 34% were held by Sistema JSFC and 49% belonged to VTB Group. After the purchase of 49% from VTB Group Sistema JSFC and MBRD consolidated 100% of EWUB shares.

“This completed transaction and East-West United Bank will help our Bank enlarge its network and offer its customers new asset management products. In 2008 we will continue Bank Group development both in Russia and abroad”, Sergey Zaytsev, Chairman of the Board MBRD, noted.