Russia's VTB Bank to buy 50 pct of Azeri bank

BAKU, Feb 11 (Reuters) - Russia's second-largest bank VTB (VTBR.MM: Quote, Profile, Research) (VTBRq.L: Quote, Profile, Research) is completing its acquisition of a 50 percent stake in a commercial bank in Azerbaijan, the head of the country's central bank said on Monday.

"VTB is completing the process of purchasing 50 percent of one of the local banks. The final discussion over details is under way right now," Elman Rustamov told Reuters.

He did not specify which Azeri bank he was talking about, nor did he give the value of the deal. There are 44 commercial banks in Azerbaijan. (Reporting by Afet Mekhtiyeva; editing by Rory Channing)