Vneshtorgbank said Wednesday it was planning to submit a proposal to the government in April on holding an initial public offering of its shares

Thursday, February 2, 2023

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Russian state bank Vneshtorgbank (VTB) said Wednesday it was planning to submit a proposal to the government in April on holding an initial public offering of its shares. As of today, the bank's IPO has not been agreed upon with its core shareholder, the government of Russia. "We are currently carrying out IPO work at the ministerial level," VTB chairman Andrei Kostin said. "I believe we'll submit the IPO proposal to the government in April." Kostin added that VTB planned to hold its IPO in the fourth quarter of 2006 and to issue shares in Russia and on the London Stock Exchange. The chairman said the placement dates were contingent on the integration of Promstroibank, an industrial and construction bank that VTB purchased last year, into the overall VTB structure. VTB will IPO by the end of 2006 if it is able to establish a unified share structure with Promstroibank during the year. If not, the bank will offer investors its shares in the first quarter of 2007, the VTB chairman said. According to Kostin, VTB is prepared to sell a part of its stock to the public. "We are planning a scheme of selling some of our shares to private individuals," the bank's chairman said.

Print Vneshtorgbank said Wednesday it was planning to submit a proposal to the government in April on holding an initial public offering of its shares

Bookmark Vneshtorgbank said Wednesday it was planning to submit a proposal to the government in April on holding an initial public offering of its shares