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VTB Group raises stake in Bank of Moscow

 
29 December 2011
Bank of Moscow placed an additional share issue of 100 million shares at RUB 1111.77 per share. The transaction was carried out in line with the Bank of Moscow’s financial support programme. 

VTB Group has acquired shares worth about RUB 102 billion. The funds will be channelled towards raising the Bank of Moscow’s authorised share capital. VTB Group’s stake in Bank of Moscow consequently increased to 94.84%. 

 “We consistently deliver on our commitments to provide financial support to the Bank of Moscow”,  Andrey Kostin, JSC VTB Bank President and Chairman of the Management Board. 

The placing price of additional ordinary shares for stakeholders with pre-emptive acquisition rights was also set at RUB 1111.77 per share. 

Andrey Kostin, VTB Bank President and Chairman of the Management Board, said “We consistently deliver on our commitments to provide financial support to the Bank of Moscow. The additional share issue was carried out in full accordance with the general agreement between the Deposit Insurance Agency and VTB Group. It will result in Bank of Moscow’s enhanced performance and further stable growth.”

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