TransCreditBank to pay 5 bln rubles in dividends using retained earnings
MOSCOW. April 29 (Interfax) - The shareholders in TransCreditBank , which is part of the VTB Group , decided at an extraordinary meeting on April 26 to pay out 5.006 billion rubles in dividends on ordinary shares, using retained earnings for the period until 2011 inclusive, the bank reported.
Dividends per share will be 1.91 rubles. Dividends will not be paid out on preferred shares.
TransCreditBank's board of directors also met on April 26 to approve the bank's acquisition of 1,000 of its own preferred shares for 4,100 rubles each.
There are plans to legally merge TransCreditBank to VTB 24 at the beginning of November. TransCreditBank's large and medium business is being transferred to the VTB Group's flagship bank, VTB, while its small business and retail will be moved to VTB 24.
VTB 24 will split it shares at a coefficient of one to 1,000, as well as conduct a 23.59-billion-ruble additional issue for the merger of TransCreditBank; meanwhile, 2.621 billion ordinary TransCreditBank shares, par value 1 ruble each, and 1,000 preferred shares, par value 100 rubles each, will be converted into these shares. One ordinary TransCreditBank share will be converted into nine ordinary VTB 24 shares, and each preferred share will be converted into 1,528 VTB 24 shares.
TransCreditBank's largest shareholder is VTB, with 99.59579809% of voting shares. VTB 24 has 0.07261845% of voting shares, and companies and private individuals hold 0.33158346% of voting shares.
VTB 24 was Russia's fifth largest bank by assets at the end of Q1 2013, and TransCreditBank was its 13th largest, according to the Interfax-100 ranking.