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Putin signs decree on reduction of government’s stake in VTB to 42.83%

May 12, 2016, 16:00 UTC+3 MOSCOW
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MOSCOW, May 12. /TASS/. Russia’s President Vladimir Putin has signed a decree on amendments to the list of strategic enterprises, which sets the government’s stake in the authorized capital of VTB Bank at 42.83%. The relevant document has been published on the website of public legal information.

The previous version of the document dated February 8 sets the stake of the government in VTB as 45%, and earlier it was 50%+1 share.

A spokesperson with VTB told TASS that currently, Russia represented by the Federal Property Management Agency is the controlling shareholder of VTB holding 60.9% of ordinary shares in the bank.

"At the moment, taking into account the share of the Finance Ministry in the privileged capital of the bank, the combined share of the Russian Federation in the authorized capital of the bank amounts to 45.01%. The state retains control over the voting shares of VTB. The government's stake will be 42.83% if its stake in common shares of the bank is reduced to 50% + 1 share. We remind you that the forecast plan of federal property privatization does not provide for reducing of the state share below this level," the spokesperson told TASS.

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