Qatar's sovereign wealth fund has hired UBS to advise on a possible US$3bn investment in Russian state-owned bank VTB, three people with direct knowledge of the matter told Reuters on Tuesday.
VTB is working on a capital increase with Citigroup to bolster its capital base.
"Talks are very advanced", one of the people said in regard to Qatar's discussions with VTB.
But there are potential obstacles to a deal, such as disagreement over the price at which the Qatar fund would pay for the VTB shares. Another issue is that President Vladimir Putin last month urged all further state asset sales to be held in Russia. This prompted VTB CEO Andrei Kostin to acknowledge its planned capital raising might be delayed .
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