MOSCOW, March 6 U.S.-based TPG Capital
is not looking to increase its stake in Russian state-owned bank
VTB in an expected upcoming stake sale by the bank, a
source close to the private equity firm said on Wednesday.
TPG, which bought $100 million of VTB shares in 2011
alongside affiliated funds during a share sale by the bank, is
satisfied with its shareholding, the source said.
The source declined to be identified because the process of
the stake sale is not public.
Interfax earlier reported that VTB is negotiating to sell
shares to TPG, citing a Bloomberg report.
VTB has planned to issue new shares equivalent to at least
10 percent of its equity this spring, to raise between $1
billion and $3 billion to bolster its capital base to continue
active business operations, such as lending.
After President Vladimir Putin urged all further state asset
sales to be held in Russia last month, VTB CEO Andrei Kostin
said the deal might be delayed due to additional preparations.
Qatar's sovereign wealth fund has been interested in making
an investment and hired UBS to advise on a possible $3
billion investment in the bank, three people with direct
knowledge of the matter previously said.