icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

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.