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Russian Federation : VTB Group and Rostec to acquire equity stakes in Banco Privado Atlantico
Publish Date : 28-Feb-2014
VTB Group and Rostec have announced that they will become Banco Privado Atlantico's shareholders.
VTB Capital, the investment arm of VTB Group, will become Atlantico's shareholder through a combination of cash and equity swap, whereas RT-Global Resources, subsidiary company of Rostec Corporation, will become a shareholder by means of cash investment. Under the agreement, VTB Group's subsidiary Banco VTB Africa, SA (Angola) will merge with Banco Privado Atlantico.
The combined team of the new bank, which will operate under the Banco Privado Atlantico brand, will offer the full range of services, including corporate, retail, and investment banking products. The deal is expected to be closed by mid-2014, if approved by VTB's Supervisory Council.
The transaction includes the signing of a joint development and cooperation arrangement between VTB Group, Rostec and Banco Privado Atlantico covering various activities, including banking and investment banking services in Angola and other African countries.
The announced deal highlights the strategic importance of the Angolan economy and growth potential of its banking and natural resources sectors. This transaction marks a new important step for both VTB Group and Rostec Corporation to strengthen their position in Angola and for further business developments in Sub-Saharan Africa. The synergies achieved through the combination of VTB Group's global financial expertise and resources, Rostec Corporation strong historical presence throughout the African continent, and Atlantico's local expertise and unmatched client base, shall enable the strengthening of the franchise and the creation of various business opportunities for all parties involved and their respective clients.
