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Russia: Bank enters wireless market with Tele2 Russia buyout

 |  October 4, 2013

Following state-owned bank VTB Group’s $3.6 billion buyout of Tele2 Russia, reports say two units of competing lender Bank Rossiya have applied for regulatory approval to purchase up to 50 percent of the wireless company rom VTB.

The nation’s fourth-largest mobile operator could see a 40 percent sale to Invintel BV, while an additional 10 percent could go to ABR Management BV, say reports.

The two have reportedly applied for clearance to the Federal Anti-Monopoly Service. An FAS official confirmed the news, though declined to be named.

Reports say the regulator has 30 days to rule on the deal.

Full Content: Bloomberg

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