Russia's MTS acquires stake in parent's bank

Reuters News
Posted: Mar 29, 2013 8:28 AM
Russia's MTS acquires stake in parent's bank

MOSCOW (Reuters) - Russia's top mobile phone operator MTS said on Friday it has acquired a 25.1 percent stake in MTS Bank for 5.1 billion roubles ($164 million) by buying additional shares issued by the bank.

The deal was concluded in accordance with the terms of an indicative offer between MTS, MTS Bank and their majority shareholder Sistema that were announced in October 2012.

MTS now owns around 27 percent of MTS Bank, Sistema has a 65.3 percent stake, while the balance of shares is held by other minority shareholders, MTS said in a statement.

($1 = 31.0844 Russian roubles)

(Reporting by Maria Kiselyova; Editing by Douglas Busvine)