Sofaz won’t pull out of VTB despite falling shares

18:00 | 03.10.2014
Sofaz won’t pull out of VTB despite falling shares

Sofaz won’t pull out of VTB despite falling shares

Azerbaijan’sState Oil Fund (Sofaz) says it has no intention of selling its shares in Russia’sVTB Bank despite a sharp decline in the bank’s share price following Westernsanctions.

 

“VTB is Russia’ssecond largest bank by capitalization and has a strong financial basis,” Sofazsaid in an interview with Baku-based Bizim Yol newspaper. “Although VTB Bank’sshares have been adversely affected by recent developments, we think the bank’slong-term financial results will be positive.”

 

Sofaz, which wasestablished in 1999 to manage Azerbaijan’s income from oil and gas sales,bought 3 percent of VTB shares last year. It also invested in real estate inMoscow and other western capitals to diversify assets.

 

The fund’sassets stood at $37.6 billion as of July 1, according to its website.

Bakudaily.Az

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