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Contradictions from VTB regarding Bank of Moscow

As usual, contradictory noises are coming from VTB regarding Bank of Moscow. In the media today, VTB management is saying that Bank of Moscow was a very good acquisition for the state-owned bank, which brings many advantages, while at the same time claiming that the situation in Bank of Moscow is ‘a mess’.

Once again, the observation is that only six month ago Bank of Moscow was one of a few banks in Russia with an investment grade rating and with leading international banks, such as JP Morgan, Credit Suisse and Goldman Sachs, among its shareholders.