VTB suspends project on buying Kapitalbank

Tashkent, Uzbekistan (UzDaily.com) -- Russia’s VTB suspends its project on purchase of Uzbekistan-based Kapitalbank in line with the decision of the Supervisory Board of the Russian bank.

The bank said on its website that due to global financial crisis, it will stop its projects on accession to markets of Uzbekistan, Tajikistan and Moldavia.

VTB said it will focus its efforts to develop its businesses in Kazakhstan and Azerbaijan, which have “significant economic potential”.