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VTB may sell 2 billion dollars worth of shares - CEO

September 19, 2012, 14:17 UTC+3
VTB and Sberbank, are on the list of the large companies slated for privatization to reduce the state's stakes in their capital
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW REGION, September 19 (Itar-Tass) — Russia's VTB bank may sell a package of shares worth at least two billion dollars, VTB head Andrei Kostin told reporters on Wednesday.

"Of course, we'll float. Let's wait for the results of Sberbank's sale and then we'll see. There a minimal sum of two billion dollars," Kostin said reminding that last year three billion dollars worth of shares had been floated.

In his opinion, it is premature to name the precise dates because it will require at least a month to monitor the market situation and Sberbank shares after their recent sale. "We've been waiting for Sberbank. It's through, good for them; let's see the results of floating," Kostin added.

VTB and Sberbank, are on the list of the large companies slated for privatization to reduce the state's stakes in their capital.

A year ago, a 10-percent stake in VTB was privatized. The Russian government was to have privatized a stake in Sberbank last year, but the favorable market situation has never developed.

Sberbank raised 5.2 billion dollars by placing its securities in Moscow and London in brisk demand by market participants. The 7.58-percent stake in Sberbank was floated in the markets of the British and Russian capitals at 93 roubles per security. It is higher than 91 roubles, the low threshold of the price corridor, but lower than the upper limit of 94.9 roubles at the Tuesday close.

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