December 26, 2019 / 1:18 PM / 2 months ago

Russia's VEB bank buys stake in pension fund Blagosostoyanie

MOSCOW, Dec 26 (Reuters) - Russia’s state development bank VEB said on Thursday it bought a stake in Blagosostoyanie, one of the country’s biggest pension funds but not involved in managing state pensions.

VEB said in August it planned to buy a blocking stake in Blagosostoyanie without giving a value for the deal.

A blocking stake usually requires holding about 25% of a company’s shares although this can differ depending on a firm’s structure. (Reporting by Andrey Ostroukh; writing by Anastasia Teterevleva; editing by Jason Neely)

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