NEWS & EVENTS: Breaking News
30.06.2009 10:04
June 30. Bank VTB, Russia’s No. 2 lender, could launch an SPO next year apart from plans to issue stocks worth over RUB 9 bn this year if the economic climate worsens, but it has not yet closely focused on this scenario. “It is difficult to estimate reserve volumes in 2010…if we see no deterioration in the market environment, there will be no need to issue additional shares. If market conditions worsen substantially, the lending institution does not rule out a SPO,” Bank VTB CFO Nikolay Tsekhomsky said Monday at the bank’s shareholders meeting. “If the national economy is back on the expansion track, the bank will not resort to collateralizing assets and no steps will be taken to work out the SPO procedures,” Bank VTB CEO Andrey Kostin said at a press conference after the AGM. For the record, this March the lending institution’s supervisory board gave the go-ahead to the issuance of 9 tn common shares with RUB 0.01 par value each and the state said it is prepared to buy RUB 200 bn of the lender’s securities.
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