Russian banks line up to buy Saint Petersburg Exchange shares – Kommersant

Russia-based VTB Bank PJSC is set to acquire a 5% stake in PJSC Saint Petersburg Exchange, Kommersant reported Feb. 5.

The transaction has already been approved by the exchange's majority shareholder, NP RTS Association. The price has been set at 3,500 rubles per share, valuing the bourse at 10 billion rubles, according to a source cited by the newspaper.

In addition, PJSC Sovcombank is looking to increase its holding in the bourse to 18.5% from 3.3% under an option contract signed by the lender in 2020. JSC Tinkoff Bank is also interested in purchasing the stock exchange's shares, attracted by its rapid development and low valuation, the newspaper noted.

In December 2020, Saint Petersburg Exchange approved a three-year development strategy that includes its potential IPO with a valuation of at least $1 billion, Kommersant reported at the time, noting that the offering could take place in 2022.

As of Feb. 4, US$1 was equivalent to 75.65 Russian rubles.