OREANDA-NEWS. VTB Bank completed a placement of preference shares for total amount of approximately RUB 307 billion. 3 073 905 million of Type A preference shares were acquired by the State Corporation Deposit Insurance Agency (DIA) in a closed subscription at par value of 0.1 rubles.

The share issue is to be included in VTB Bank’s core Tier 1 capital, following the registration of the Issue Placement Report by the Central Bank of Russia.

In accordance with the Russian legislation and VTB Bank Charter, dividends paid on the new securities are not specified. Dividends will be subject to annual approval at the Annual General Meeting of shareholders (AGM). In addition, the new preference shares will not be counted when determining the presence of a quorum at the AGM, and will not change that total number of votes belonging to holders of VTB’s ordinary shares.

«The shares were placed under the governmental program of recapitalization of the banking system. This is an important step in securing VTB’s sustainable development as a financial institution of systemic importance. The capital increase provides additional resources for VTB to catch up with resumption of economic growth in Russia as well as to support the import substitution programs and strategically important Russian industries and companies», - said Andrey Kostin, VTB President and Chairman of the Management Board.