By Carlo Martuscelli

VTB Bank (VTBR.MZ) said Wednesday that it reached an agreement to acquire an 81% stake in Sarovbusinessbank, a bank operating in Russia's Nizhny Novgorod.

The deal is expected to close by the end of this year, subject to regulatory and corporate approvals, VTB said. The Russian lender said that it expects to integrate Sarovbusinessbank into its operations by 2020.

"The deal will support VTB's market-share expansion in retail deposit and lending markets," said Anatoly Pechatnikov, deputy president and chairman of the VTB Bank management board

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

October 10, 2018 11:31 ET (15:31 GMT)

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