Vnechtorgbank plans listing on Russian stock exchange in 2006 – report
AFX Europe (Focus); Jun 17, 2005
MOSCOW (AFX) – Russian state-owned bank Vnechtorgbank is expected
to list 10-25 pct of its capital on stock exchanges in Russia and
abroad in 2006, said the bank’s president Vladimir Kostin, cited by
daily Vedomosti.
“I would like to launch a certain amount of the shares on the stock
exchange from 2006, in Russia and, for example, in London or New York”,
Kostin told the newspaper.
“We could start off with a block of more than 10 pct of the shares,
but in any case, it won’t be less than a blocking minority”, or 25
pct plus one share, he said.
Oleg Viougin, head of the Russian bourse authority, has estimated 10
pct of VTB to be worth 1 bln usd, Vedomosti said.
Before any listing, VTB will have to consolidate its shares. In summer
2004, the bank acquired 86 pct of Gouta Bank, which was threatened
with bankruptcy, and this year it acquired stakes in several other
banks in Russia and the Commonwealth of Independent States (CIS).
VTB has a presence in Ukraine, Armenia and Georgia, and has an
affiliated network in Switzerland, Cyprus, Austria and Luxembourg.
In 2004, the bank had assets of 20 bln usd, capital of 3 bln usd and
net profit of 400 mln usd.