Russia could sell VTB stake acquired in 180 bln ruble share issue in 2 yrs
MOSCOW. Nov 25 (Interfax) - The recapitalization of VTB will generate a profit for the state in future, Deputy Prime Minister and Finance Minister Alexei Kudrin said.
VTB raised 180 billion rubles in a supplementary share placement in mid-September that boosted the state's stake to 85.5% from 77.5% previously.
"In two years or so we will sell that stake for 250 billion rubles or 300 billion rubles and return that money to the budget," Kudrin said at a conference organized by Vedomosti.
VTB chief Andrei Kostin had already called for the state to reduce its stake to the pre-crisis level.
"Gradually, over the course of several years, it would be possible to return to a reduced stake in equity. The state could divest its shares on market terms. The state could recover the money it spent, realize a gain," Kostin said at a meeting of business leaders with President Dmitry Medvedev.