Final price for VÚB to be set

Closing day on a purchase deal allowing Italian bank IntesaBci to take an almost 95% stake in Slovak state bank VÚB was to be known by the end of the third October week; the proposed price of 550 million euros may be adjusted upward or downward on the basis of Intesa's recent audit of VÚB.

The finance house, the second largest in Slovakia, was sold in June this year. It was the second of three state banks to be sold off following the successful December 2000 sale of Slovenská sporiteľňa. The third, IRB, has attracted a $14 million bid from Hungary's OTP Bank.

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