VTB to Seek Norilsk Seat

DAVOS, Switzerland — VTB will seek a seat on the board of Norilsk Nickel to back its large exposure to the world's top nickel miner, the bank's head said Wednesday.

"We hope to receive one seat since our bank's exposure to Norilsk and its shares are high," VTB president Andrei Kostin said in an interview.

"I think the main shareholders will support us," he said.

State-controlled VTB has taken a stake in Norilsk, Russia's largest mining company, as collateral on a loan, Russian media have reported.

Vedomosti reported Monday that VTB extended a $3.2 billion loan to Vladimir Potanin, the billionaire who owns the largest financial interest in Norilsk, on condition that the bank receive a seat on the board. Neither VTB nor Potanin has confirmed this.