VTB Group raises stake in Bank of Moscow

December 29, 2011

VTB Group raises stake in Bank of Moscow

Bank of Moscow placed an additional share issue of 100 million shares at 1111.77 rubles per share. The transaction has been made in line with financial support program of Bank of Moscow.

VTB Group has acquired shares totally worth about 102 billion rubles. The funds will be channeled for raising Bank of Moscow's authorized share capital. As a result, VTB Group's stake in Bank of Moscow has increased to 94.84%.

The placing price of additional ordinary shares for the stakeholders with preemptive acquisition right has also been set at 1111.77 rubles per share.

Andrey Kostin, VTB Bank President and Chairman of the Management Board, said "We are consistently delivering on our commitments to provide financial support to Bank of Moscow. The additional share issue has been carried out in full accordance with general agreement between the Deposit Insurance Agency and VTB Group. It will result in a better performance and further stable growth of Bank of Moscow."