OREANDA-NEWS. September 23, 2011. JSC VTB Bank has started implementing the General Agreement on measures for financial support of Bank of Moscow (BoM), with VTB Debt Center having consolidated 46.48% of the BoM ordinary shares. These shares have been acquired by VTB Debt Center from JSC VTB Bank, reported the press-centre of VTB Bank.

The General Agreement was signed by the Bank of Moscow, the Deposit Insurance Agency (DIA) and VTB Group companies – VTB Debt Center and VTB Pension Administrator. Under the General Agreement, VTB Debt Center and VTB Pension Administrator acting as investors are to consolidate at least 75% in Bank of Moscow and to increase the charter capital of BoM.

After the investors have consolidated the BoM shares up to at least 75%, the DIA is expected to provide financial support to the Bank of Moscow.

VTB Group believes it is well on track to implement the BoM support plan and expects to increase the Group’s stake in BoM to at least 75% by the end of 3Q 2011.