VTB could buy out Russian Post's stake in Pochta Bank for 36 bln rubles, in line with multiplier of 1 capital

MOSCOW. Oct 4 (Interfax) - VTB plans to buy out Russian Post's 50% stake in Pochta Bank based on the valuation of 100% of its shares at 72 billion rubles.

The market value of one ordinary share of Pochta Bank is 4,184 rubles according to the report of an independent appraiser. The share capital of the lending institution comprises 17,208,828 ordinary shares, thus the entire bank is valued at 72 billion rubles, and Russian Post's stake of 50% minus 1 share is valued at 36 billion rubles.

Pochta Bank's equity capital totaled 71.9 billion rubles to Russian Accounting Standards as on September 1. The bank's valuation for the transaction corresponds to a multiplier of one capital.

"We consider the independent appraiser's assessment of 1 capital to be fair and accommodating, and we plan to conduct the transaction based on the amount. We are not planning any additional payments or discounts," VTB First Deputy Management Board Chairman and CFO Dmitry Pyanov told Interfax.

VTB and Russian Post established Pochta Bank in 2016 as a retail bank developing a large-scale regional network based at post office branches. VTB and Russian Post have equal stakes of 50% minus 1 share each in the capital of Pochta Bank, and Alexander Pakhomov, Management Board Chairman at Pochta Bank, owns two additional shares.