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Report: MTS Bank to get capital boost from its owner

Russian mobile network operator Mobile TeleSystems PJSC, which is the sole owner of PJSC MTS Bank, is set to acquire 5 billion rubles worth of additional shares to be issued by the lender, Kommersant reported Jan. 15.

The bank will issue 3.6 million shares at a par value of 500 rubles and offering price of 1,389 rubles apiece, with the issuance to start Jan. 15. The shares were supposed to be purchased by the mobile network operator's unit Mobile TeleSystems BV and Russian diversified holding Sistema Public Joint Stock Financial Corp., but the latter company divested its remaining 4.5% stake in the lender at the end of 2019, so the mobile operator will most likely purchase the shares alone, the newspaper reported.

MTS Bank said it needs additional funds from the issuance to keep its capital at a sufficient level and to build a single digital ecosystem including MTS services.

As of Jan. 14, US$1 was equivalent to 61.45 Russian rubles.