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Russia Raises $3.3 Billion Through Bank Stake Sale

Prime Minister Vladimir Putin said VTB's offering today proves 'trust' in Russia's financial system.
Russia says it has raised $3.3 billion from the sale of a 10 percent stake in its second-biggest bank, VTB.

The government said the demand for the shares was twice as big as the amount on offer.

Prime Minister Vladimir Putin said the sale was "proof of the trust in the Russian financial system."

Russia last year unveiled a huge five-year privatization drive in which it hopes to raise some $60 billion.

compiled from agency reports