Merrill Lynch Is Agent To Sell 10% Of VTB

The Government of the Russian Federation has appointed Merrill Lynch Securities a subsidiary of the investment bank BofA Merrill Lynch  to be an agent to sell 10% stake in Russia's second largest bank VTB within the project for privatization of state companies in Russia.
"Indeed, the Prime Minister signed such an order, and soon it will be published", - said the press secretary of Russian Prime Minister Dmitry Peskov.
Head of VTB Andrey Kostin has informed earlier that the deal to sell 10% stake in VTB for $ 3 billion to the group of investors headed by U.S. investment fund TPG could be completed until mid-2011.