MTS acquires stake in parent's bank

Russia's top mobile phone operator MTS said on Friday it has acquired a 25.1 per cent stake in MTS Bank for 5.1 billion roubles ($164 million) by buying additional shares issued by the bank.

The deal was concluded in accordance with the terms of an indicative offer between MTS, MTS Bank and their majority shareholder Sistema that were announced in October 2012.

MTS now owns around 27 per cent of MTS Bank, Sistema has a 65.3 percent stake, while the balance of shares is held by other minority shareholders, MTS said in a statement.