VTB not planning to boost capital again this year
ST. PETERSBURG. June 28 (Interfax) - VTB is not planning further capital increases this year, the bank's deputy CEO, Herbert Moos, said at the bank's annual shareholders meeting.
"No, we're not planning to. We only just raised our shareholder capital in May. Following the share issue we view the bank's capital as sufficient for development and fulfilling our tasks for the next three years," Moos said.
In another round of privatization, VTB conducted an additional shares issue in May, placing 2.5 trillion shares at 4.1 kopecks each. It generated 102.5 billion rubles in proceeds. Existing shareholders bought 351.2 billion shares, or 14% of the issue, in exercise of their preemptive right. The government, which did not participate in the secondary public offering (SPO), saw its stake shrink from 75.5% to 60.93%.
"The main result of the placement is that today VTB has no capital adequacy problem," VTB President and CEO Andrei Kostin said. "At a minimum, in the next three years we have a sturdy capital base and can afford to concentrated on further strategic development of the bank and resolution of the main goal, raising shareholder value," he said at the AGM on Friday.
