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. Last Updated: 07/27/2016

Soviet Bank Sells Stake

MOSCOW -- Vnesheconombank, the former Soviet government's agent on the foreign market, has sold its 20 percent share in the International Moscow Bank to two other state banks, an official with the bank said Friday.

At the end of June, Vnesheconombank signed agreements to sell its stake to Vneshtorgbank, the Soviet Union's former foreign trade bank, and Banque Commercial pour l'Europe du Nord-Eurobank, a Russian-owned bank set up in France during the Soviet regime.

Krasavtsev explained that under a December presidential decree, Vnesheconombank must limit its activities to servicing the former Soviet Union's foreign debt and governing former Soviet assets abroad.