Russia's VTB Group and Rostec recently announced that they will become shareholders in Angola's Banco Privado Atlantico.
VTB Capital, the investment arm of VTB Group, will become Atlantico's shareholder through a combination of cash and equity swap, while RT-Global Resources, a subsidiary of Rostec Corporation, will become a shareholder by means of a 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 a full range of services, including corporate, retail and investment banking products. The deal is expected to be closed by the middle of this year 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.
"For many years, VTB has been growing its business in Africa. The region is attracting increasing attention from international and Russian companies. I believe if our shareholders approve the deal, the combined bank will be able to prove its investment potential in Africa and will allow all parties in the deal to substantially expand their business in Angola and neighboring countries," Andrey Kostin, the president and chairman of the management board of VTB, said.
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