VTB Receives Major Backing from Sovereign Investors

kremlin_picVTB Bank has finalized its 102.5 billion roubles (US$ 3.3 billion) offering of new ordinary shares. Qatar Holding, the State Oil Fund of Azerbaijan, Norges Bank Investment Management and China Construction Bank have purchased 55% of the new shares issued. VTB chairman Andrei Kostin mentioned the three sovereign funds investing about US$ 500 million each.

VTB Bank’s supervisory board approved to increase the financial institution’s equity capital through new ordinary share issuance. VTB Bank was keen on attracting new strategic investors, while strengthening connections with existing institutional shareowners. VTB Bank is making major inroads in retail banking. From the beginning of 2013 till April 23, 2013, retail loans grew 36%.

VTB Bank was formerly known as Vneshtorgbank and was created as Russia’s foreign trade bank on October 17, 1990. By 1998, VTB was reorganized as an open joint stock company.

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