Vneshtorgbank Retail Services CEO Mikhail Zadornov attends the ceremony of launching an office of VTB 24 set up to buy out the stocks of VTB Bank during IPO. The ceremony is held in Manezh, Moscow.
Photo: Dmitry Lebedev
| Other Photos |
 |
|
 |
Individuals Queue for VTB
The VTB IPO generated considerable public excitement on the first day of applying for stocks with private investors queuing in front of the Moscow offices of the bank yesterday. But the demand could be further fueled by consolidated accounting report of VTB Group that is to be released today.
The retail subsidiary of VTB, VTB 24, is accepting applications for the VTB stocks in 234 offices of VTB and VTB 24 in 101 cities of the country. In addition, Renaissance Online is working with individuals. Yesterday, i.e. on the first day of applying, each office of VTB got from 120 bids to 150 bids, which minimal amount for the individuals equals 30,000 rubles.
The applications will be filed from April 9 to May 7, as the VTB IPO is slated for the first half of the last month of this spring. According to the issue files registered by the Central Bank of Russia, VTB intends to place 1.73 trillion stocks, each of which having the par value of 0.01 rubles. As a result, its authorized capital will widen by 30 percent with the new stocks accounting for 25 percent of it. Common stocks of VTB will be listed with MICEX, RTS and LSE.
Though the VTB stocks are very popular with the population already, the demand could be further fueled today, once VTB releases its IAS consolidated report. According to the sources, the asset worth of VTB Group exceeded $52 billion as of January 1, 2007 (up by over 40 percent on year), and its own funds stepped up to $7 billion vs. $5.3 billion in 2006. The client portfolio grew 1.5 fold to $29 billion and net profits amounted to $1.2 billion, having more than doubled in the past year.
www.kommersant.com
All the Article in Russian as of Apr. 10, 2007
|
|
|
