On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1330 AM Sheboygan, WI

Weather

Current Conditions(Sheboygan,WI 53081)

More Weather »
47° Feels Like: 42°
Wind: ENE 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Cloudy 55°

Tonight

Partly Cloudy 48°

Tomorrow

Partly Cloudy 61°

Alerts

Russia's MTS acquires stake in parent's bank

A man walks past an MTS shop in St.Petersburg March 18, 2013. REUTERS/Alexander Demianchuk
A man walks past an MTS shop in St.Petersburg March 18, 2013. REUTERS/Alexander Demianchuk

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)

Comments