Putin supports transfer of USC stake to trust management of VTB Bank

MOSCOW. Aug 10 (Interfax) - President Vladimir Putin supported the transfer of a stake in the United Shipbuilding Corporation (USC) to VTB Bank .

"The government came up with a proposal to transfer the state-owned stake in the United Shipbuilding Corporation to VTB. I support this proposal, I know they talked about this with you," Putin said at a meeting with the head of the bank, Andrei Kostin.

"When I first heard about this, it was, of course, quite unexpected. But I can say that we have known this organization well from the very beginning. We work closely with both the corporation and the enterprises that are part of the corporation, so we know the problems, especially with regard to the organization of financing. Therefore, I am sure that with your support we will cope with this task and will make every effort to resolve all the issues. There are many issues, especially in the current conditions, but all of them, in my opinion, are solvable," the head of VTB said.

Putin said USC has many problems, "but this is a working entity and in general it is picking up the pace in this work."

"Yes, there are issues that need special attention, including from the bank's experts. This is related to settlements, the company's financial recovery. Obviously everything cannot be done without the support of the government and such support, needless to say, must be provided by the government. I am really counting on your experts, who have demonstrated their high professional level, managing all these challenges. Of course, without any exaggeration, this is a serious challenge, a whole industry," Putin said.

USC was established by presidential decree in 2007 and 100% of its shares are in federal ownership.

"The trust management of shares does not change the form of ownership and obligations under existing contracts, including the execution of state defense orders and the construction of civilian projects. Shipbuilding is now in a growth phase, which requires financial stability and investment in the modernization of USC production facilities, which is where most of the domestic shipbuilding complex is consolidated," the press service of the company said.

VTB's press service said that any actions on the part of the bank will be possible only after the government approves and implements the procedure for putting the state stake in USC under the bank's trust management.

"We believe that corporate changes should in no way affect the corporation's obligations to customers, cooperatives and employees. The continuation of the shipbuilding holding's business activities is the absolute priority," the bank said.