MOSCOW/ST.PETERSBURG, Russia, March 15 (Reuters) – VTB , Russia’s No.2 bank, set out plans for a 100 billion rouble ($3.3 billion) share sale in Moscow, that could signal a desire to secure sources of funding if talks with sovereign wealth funds come to nothing.
- Placement could raise 100 bln roubles – 1st Deputy PM
- Move would dilute state’s stake by up to 25 pct
- Talks with strategic buyers so far inconclusive
VTB needs to raise its capital buffer to meet tighter regulatory requirements and give it freedom to make more loans to Russian consumers and businesses.
The long-planned share sale will take place via the Moscow Exchange, VTB Chief Executive Andrei Kostin said on Friday, as the state-owned bank heeds a government call to promote the local stock market.
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