VTB approves program to dispose of some core assets by end of 2015
MOSCOW. Oct 25 (Interfax) - The Supervisory Council of VTB Bank has approved a state-backed programme aimed at disposing of some of the bank's assets in sectors with a high level of competition, the bank said in a statement.
"Following Prime Minister Dmitry Medvedev's directive and the instructions of the Federal Agency for State Property Management, this issue was discussed at a Supervisory Council meeting today. The programme is scheduled to be realized by the end of 2015," the bank said.
"The bank has evaluated the expediency of disposing these assets," VTB President and Chairman of the Management Board Andrey Kostin said. "A list of stakes to be sold has been preliminarily endorsed by the Supervisory Council's Committee on Strategy and Corporate Governance. I am confident that this programme will enhance competitive environment and serve to promote the growth of the Russian economy."
VTB holds minority stakes in a number of financial companies, including 20% in Otkritie Financial Corporation, 6% in Moscow Exchange MICEX-RTS, and 15.5% in Status Registrar Society. The principal shareholder of the latter is state-controlled Sberbank .
VTB, according to the bank's report for the second quarter, also owned 8.35% of Moscow Stock Exchange, 7% of the National Bureau of Credit Histories and 12.7% of the St. Petersburg Currency Exchange.
Through companies it controls, VTB also holds about 9% of shares in Portugal's Banco Finantia and about 9% of Rosbank.