VTB is parting with a minority shareholder of its retail subsidiary VTB 24. This will give VTB control over 3.3% of VTB 24 shares. The shares are owned by the Russian Federal Property Fund (RFFI). The cost of the 3.3% stake is estimated at R648.7 million. This puts the bank’s overall value at R19.6 billion. As of January 1, the bank’s own equity stood at R20.5b. After the purchase of the RFFI stake, all 100% of VTB 24 shares will be controlled by the parent bank.
Source: VEDOMOSTI, March 5, 2007
