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. Last Updated: 07/27/2016

Business in Brief

VTB Reveals Retail Offers

State-owned VTB, the country's second-largest bank, has attracted offers for its shares worth 37.7 billion rubles ($1.47 billion) from retail investors ahead of an international IPO planned later this month, the bank's spokesman said Monday.

"We have received 119,000 offers worth 37.7 billion rubles. The orders are more than 70 percent paid," said Vasily Titov, head of VTB's press service.

Titov also said the bank had extended the period for accepting offers by one day, until May 8. (Reuters)

Medvedev on Housing

Construction of new neighborhoods must go hand in hand with the provision of social infrastructure, First Deputy Prime Minister Dmitry Medvedev said Monday at a Cabinet meeting chaired by President Vladimir Putin.

Medvedev said the government had ordered the construction of 1 million square meters of apartments and a subsidy of up to 70 percent on the cost of road construction for new housing estates. (MT)

Promsvyazbank's Rating

Fitch Ratings has revised Promsvyazbank's outlook to stable from positive, the international rating agency said Monday.

"The change in outlook reflects the reduced likelihood that German-based Commerzbank AG will acquire a majority stake in Promsvyazbank following recent statements by Commerzbank representatives," Fitch said, RIA-Novosti reported. (MT)

CB Reserves Rise 8.9%

The country's gold and foreign exchange reserves grew 8.9 percent in April, to $369.11 billion as of May 1 from $338.83 as of April 1, the Central Bank said Monday.

The bank said reserves had grown 21.5 percent since January, from $303.7 billion, RIA-Novosti reported. (MT)

Express Train Debut

Golden Eagle, a private Trans-Siberian express, was scheduled to start its maiden 14-day trip from Moscow to the Far East across Siberia Monday, Russian Railways said.

The train is a joint Russian-British project, which cost $25 million and took seven years to develop.

Gold- and silver-class tickets on the train cost from $16,000 to $19,000, RIA-Novosti reported. (MT)

GDP Growth Slows

The country's economic growth slowed in April to 6.6 percent year on year, compared with 6.8 percent in March, VTB Bank Europe's GDP indicator showed Monday.

VTB derives the GDP indicator from its surveys of manufacturing- and service-sector purchasing managers.

"The Russian GDP indicator eased for the sixth consecutive month in April, suggesting the slowest rate of expansion for eighteen months," said Chris Green, senior economist at VTB Bank Europe Research.

"However, with growth projected at around 6.6 percent in April, it continues to remain robust and above its long-run trend of 6.1 percent," he said. (Reuters)