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  Thursday, July 18, 2019
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The head of Vneshtorgbank met with the prime minister Tuesday to discuss the bank's plans to hold an initial public offering
The head of Vneshtorgbank, Russia's state-run foreign trade bank, met with the prime minister Tuesday to discuss the bank's plans to hold an initial public offering. Andrei Kostin and Mikhail Fradkov discussed the current state and development of the Russian financial system and said that the Russian banking sector needed to raise its capitalization. "Upon approval by the government, the bank's principal shareholder, Vneshtorgbank will raise additional money through the IPO for corporate development and measures to reach European standards," Andrei Kostin said. He added that the large-scale sale of shares to Russian investors, especially the public, would be a landmark event for the country's banking sector. Kostin also informed the premier about the bank's strategy to develop a network of subsidiary institutions in the Commonwealth of Independent States (a loose association of former Soviet republics, not including the Baltic states). "Under this strategy, Vneshtorgbank is consistently building up its presence in the post-Soviet space, where four subsidiary banks are already operational, and eventually Vneshtorgbank will have a presence in all the CIS countries," he said. In March, Kostin said Vneshtorgbank planned to hold an IPO soon and would submit proposals to the government in April about the terms of share placement. "Now we are working on getting approvals from relevant ministries," he said. "I believe we'll submit proposals to the government in April."
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