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  Wednesday, November 20, 2019
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Vneshtorgbank will float its shares in the immediate future
Russia's state-controlled foreign trade bank, Vneshtorgbank, will float its shares in the immediate future, the bank's head said Monday. "We are planning a public share offering in the near future, most likely on the Russian market," Andrei Kostin said at a meeting with President Vladimir Putin. Kostin also complimented the bank's recent performance, saying that its assets had increased five-fold to reach a trillion rubles (about $36 billion), its credit portfolio swelled six-fold, and deposits jumped nine-fold over three years. "We are talking today about VTB group, which unites 16 banks in Russia, western Europe, the CIS, and Southeast Asia," Kostin said. In the past few years, the bank has opened subsidiaries, including in Ukraine, Georgia and Armenia, thus expanding its CIS network. "Such vibrant development... requires additional funds," Kostin said in justification of the planned IPO. Earlier this month, Kostin said the bank would submit IPO-related proposals to the government in April. "We are now working with the Federal Property Ministry, Finance Ministry, and the government apparatus. I think our proposals will be ready in April," Kostin said at the time.
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