The state-owned package of shares (25.9%) in ZAO VTB Bank (Belarus) has been sold for $19.110 million. The contract was signed in Minsk on 7 October.
The document was signed by Chairman of the State Property Committee of Belarus Georgy Kuznetsov and Senior Vice President, Head of the Affiliated Companies Department of OAO VTB Bank Mikhail Yakunin.
In line with the relevant instruction of the Belarus president as many as 72,974 shares in VTB Bank (Belarus) have been sold at the market value of $19.110 million to OAO VTB Bank. The earnings will be transferred to the central state budget.
According to Mikhail Yakunin, the money will be transferred to Belarus on 7-8 October. After that the bank will get the shares within one hour, specified Georgy Kuznetsov. In his opinion, the price was fair. “We have found a balance of interests. In the end the price satisfied both sides,” noted Mikhail Yakunin. The representative of the Russian bank told mass media about plans to develop ZAO VTB Bank (Belarus). “We plan to continue developing the bank as a universal one. We have a balanced portfolio of corporate and retail loans”.
As far as retail loans are concerned, the bank’s product lineup can satisfy virtually any borrower. From the point of view of corporate business the bank is also ready to work harder on the market. “We are looking at interesting projects in Belarus that will be acceptable for the bank as far as levels of risk are concerned. We are ready to finance them,” noted Mikhail Yakunin. The possibility of capitalizing the bank for the sake of expanding the operation in Belarus and its further development is under consideration.
The private joint-stock company ZAO VTB Bank (Belarus) is a universal bank that has been working in Belarus since 1996. The bank is one of the top ten banks in the country. OAO VTB Bank owns the controlling interest in the Belarusian bank.