Russia’s VTB to seek shareholder approval for offering of preferreds

By Jennifer Chiou

New York, July 15 – Russia’s JSC VTB Bank will hold an extraordinary general meeting of shareholders to seek approval of its first offering of registered preferred shares, according to a filing with the London Stock Exchange.

Shareholders will consider the issue by absentee voting on Aug. 29.

The issue of preferred shares is to be placed with Russia.

“The placement of preferred shares will have a positive impact on VTB’s business activities, enabling us to provide extended credit support to strategic industries of the Russian economy as well as to small and medium-size businesses, and will create ground for further growing our capital base by raising more subordinated debt,” Andrey Kostin, president and chairman of VTB Bank’s management board and member of the supervisory council, said in the filing.

“I am confident that this will have an overall positive effect on the Russian economy.”

VTB is a Moscow-based lender.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.