VTB has announced the close completion of the due diligence process for the acquisition of a stake in Channel One.

As VTB chairman Andrey Kostin said at the Eastern Economic Forum, "this is a very important asset, it bears both commercial and ideological load.

"All the fears that were there - are leveled. Everyone has come to the understanding that we (VTB and Channel One) need each other," he stressed.

According to Kostin, negotiations with the management, shareholders and authorities took a long time, but in the near future the bank's board of directors will be convened, where the deal may be approved. It is assumed that after the signing, VTB will become the owner of approximately one third of the channel's shares.

The VI Eastern Economic Forum is taking place in Vladivostok on September 2-4.

Made in Russia / Made in Russia

Author: Maria Buzanakova