Russian Bank to Purchase Shares of United Georgian Bank

Russia?s one of the leading banks VneshTorgBank has reached an agreement with the United Georgian Bank over the purchase of latter?s controlling shares, the VneshTorgBank?s official web-site reported on May 28.

The delegation of Vneshtorgbank, led by First Deputy President Vadim Levin, held talks with the leadership of United Georgian Bank in Tbilisi on May 26. Details of the deal are not reported.
 
?The purchase of shares of the Georgian bank will promote the implementation of the Vneshtorgbank strategy, which envisages the development of its network in the CIS [Commonwealth of Independent States] countries,? the news release, issued by the VneshTorgBank reads.