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21 May, 2008 12:36

VTB to bid for struggling European banks

Russian bank VTB has confirmed it may bid for European banks hit by the global liquidity crisis.

On Monday the bank raised $US 2 billion dollars from a Eurobond issue.

VTB is Russia’s second largest bank. It now appears to be flexing its muscles for acquisitions in Europe. It has not ruled out a swoop on Italy’s B.N.P.S., which has put its French and Belgian operations up for sale.

“We haven’t rejected this idea at all. It’s a very good time: a time of crisis is a time of opportunity,” the Vice President of VTB, Vasily Titov, told Business Today.

We have just established a new investment banking team in our bank. We think it’s a very good time for them to start, because there are a lot of possibilities for mergers and acquisitions,” said Mr. Titov.