Goldman Sachs and Credit Suisse buy stakes in Bank of Moscow

28 July 2010

Goldman Sachs and Credit Suisse have made investments in the state-run Bank of Moscow.

Credit Suisse purchased a stake of 2.77 per cent, while Goldman Sachs has a 3.88 per cent share.

On current market values, the Goldman Sachs stake is worth around $200 million and the Credit Suisse one about $141 million, reports Reuters.

Earlier this month, Bank of Moscow sold 22 billion roubles ($728 million) of additional shares to private and public investors.

Leonid Slipchenko at Uralsib Bank said: "Some stakes were offered to global banks that understand that the worst is over and that the Russian banking sector provides good opportunities for growth."

The government in Moscow currently has a 46.48 per cent stake in the bank.

Earlier this month, Goldman Sachs agreed to pay a $550 million fine to settle claims made by the Securities and Exchange Commission that it had helped design a subprime mortgage securities package that was set up to fail.

By Tony Aynsley

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