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Report: Russia considering additional issuance of VTB Bank shares

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Report: Russia considering additional issuance of VTB Bank shares

The Russian government is considering the additional issuance of VTB Bank PJSC shares as part of the lender's privatization, Vedomosti reported, citing Deputy Finance Minister Alexei Moiseev.

The Russian state currently owns 61% common shares of VTB Bank, and the remaining part is in free float. The Russian government approved at the end of 2019 a three-year privatization plan for state-controlled companies, which includes the reduction of the state-owned stake in VTB to 50% plus 1 voting share.

However, the fact that VTB is included in the privatization plan does not mean that the state is obliged to sell its shares during the three-year period, Moiseev was cited as saying.

The official also noted that the bank is operating under U.S. sectoral sanctions and any action involving VTB shares will be carried out in such a way as not to harm existing investors.