Deutsche Bank Plans to Expand Operations in Russia

Deutsche Bank AG wants to expand its Russian banking operations and is considering purchasing stakes in two Moscow banks, Handelsblatt reported, citing industry sources. The German bank will next week make an $80 million offer for the KMB retail bank, the sources said. “It’s an open question,” as to whether Deutsche Bank’s offer will be accepted, an unnamed banker told Handelsblatt. Deutsche Bank also wants to take a 10-percent stake in Vneshtorgbank (VTB), the newspaper wrote, citing chief executive Andrei Kostin. Deutsche Bank could not be immediately reached for comment, AFX news agency said in its report.