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VTB Bank (Georgia) increases share capital

 
22 May 2014

VTB Bank has acquired the whole of an additional share issue by its Georgian subsidiary, VTB Bank (Georgia), worth US$6.4 million. The deal increased the issuer’s share capital to US$97.5 million, and the parent bank’s shareholding to 96.8% from 96.59%.

The National Bank of Georgia approved the final prospectus for VTB Bank (Georgia)’s new share issue on 20 March, authorising a public offering of 11,000,000 ordinary shares with a par value of 1 Georgian lari per share.

 
 
 
 
Mikhail Yakunin, senior vice president in charge of VTB Group's financial subsidiaries division
«The capital increase will further VTB Bank (Georgia)’s growth and promote its business development. As of 31 March 2014, the bank had assets of US$522 million. It has grown significantly across all business areas, and is actively lending to large-, medium- and small-sized businesses, offering Georgian companies a wide range of trade finance and documentary operations and introducing innovative technology-based consumer lending products».
Mikhail Yakunin,
Senior vice president in charge of VTB Group's financial subsidiaries division

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