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VTB 24 plans to double charter capital to almost RUB 149 bln

December 15, 2013, 7:40 UTC+3 MOSCOW
The bank plans to carry out private placement of 74.394 billion shares with a nominal cost of one rouble
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MOSCOW, December 15, 7:23 /ITAR-TASS/. The Board of Directors of Russia’s major retail bank VTB 24 made a decision on Friday, December 13, to recommend an unplanned general meeting of shareholders to raise the charter capital by 74.394 billion roubles (over 2.263 billion U.S. dollars) through placement of additional ordinary shares, the bank says in a statement.

The bank plans to carry out private placement of 74.394 billion shares with a nominal cost of one rouble. The placement price is 2.69 roubles (USD 1 = RUB 32.87).

Shareholders will vote in absentia. Ballots will be accepted until January 17, 2014.

In August, VTB made a decision to raise the VTB 24 charter capital by 46.7 percent to 74.4 billion roubles (about 2.263 billion U.S. dollars) through the charter capital and other own funds of TransCreditBank (was integrated into VTB 24 on November 1), as well as owing to the VTB 24 own funds.

Therefore, the bank’s charter capital may be doubled after the general meeting to 148.8 billion roubles (almost 4.527 billion U.S. dollars).

The VTB 24 bank is one of the biggest participants in the Russian market of banking services. It is a part of the VTB international financial group. The bank focuses its activity on the granting services to individuals, private businessmen and small business entities. The VTB Group ranks second on the Russian banking market over the whole range of major indicators.

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