VTB plans an extraordinary meeting of shareholders on the issue of an additional issue

VTB plans to consider the issue of an additional issue of ordinary shares of the bank at an extraordinary general meeting of shareholders, follows from data Center for Disclosure of Corporate Information. Why the additional issue is planned and what its parameters may be, has not yet been reported, Interfax notes.

The meeting of the Supervisory Board of VTB, which should consider the date and agenda of the meeting of shareholders, was scheduled to be held today, December 28, in absentia.

VTB has been under US and EU sanctions since 2014. In 2022, the UK imposed new sanctions against VTB. In February, the bank was included in the US sanctions list, which provides for the maximum possible restrictions and a complete freeze of assets. Since March, VTB has been disconnected from the SWIFT interbank payment system.

Earlier, a law came into force allowing the government to contribute 100% of the shares of the Russian National Commercial Bank (RNCB), which operates mainly in Crimea, to the authorized capital of VTB. The placement price of additional VTB shares, which the Russian Federation will pay for with RNKB shares, will be set based on the exchange price six months before the date of the Supervisory Board’s decision on the placement price of the bank’s shares.

RNCB will enter the VTB Group in 2023, shares are being evaluated now, Mikhail Yakunin, head of the Crimean bank, said in December. It is planned that the perimeter of the VTB Group will also include all the “daughters” of RNKB.

Maria Fedotova