VTB plans to raise 94 bln rubles during SPO; will cover capital requirements for 2023 and 2024

MOSCOW. June 7 (Interfax) - VTB plans to raise 94 billion rubles during a secondary public offering on the open market that should cover the state bank's capital requirements for 2023 and 2024, Dmitry Pyanov, VTB CFO and executive board member, told reporters.

"We are operating on the understanding that we have either already been paid, or payment under the right of first refusal will be rendered by June 8, totaling 94 billion rubles," Pyanov said.

The bank boosted capital in the first quarter by 150 billion rubles as part of a "government" SPO, converting it into shares of a subordinated loan from funds of the National Wealth Fund (NWF) and including shares of Russian National Commercial Bank (RNCB) in the capital, thereby increasing the share of the Russian Federation in the capital of VTB from 60.9% to 76.4%. The government's share will decrease to 61.8% upon the results of the SPO, Pyanov said.