Russia’s VTB seeks to hold 100% stake in VTB Bank (Belarus)

Russia’s VTB Bank has plans to purchase 2.63% of shares of VTB Bank (Belarus) from minority shareholders, thus consolidating 100% of shares of its Belarusian subsidiary.

The decision was made by the Supervisory Board of the Russian bank.

“VTB Bank (Russia) made a decision to purchase 7,406 common shares (or 2.63% of the total common stock) of VTB Bank (Belarus) from Mozyr Oil Refinery, Belneftestrakh Insurance Company and Lidanefteproduct,” reads a press release posted on the website of the bank.

Earlier Russia’s VTB Bank increased its share in the capital of VTB Bank (Belarus) to 97.37% after purchasing 25.95% of the state-owned package of shares of the Belarusian bank. The contract to sell the state-owned package of shares was signed by VTB Bank (Russia) and the State Property Committee of Belarus on 7 October. According to the contract, 72,974 shares of VTB Bank (Belarus), which had been previously owned by the State Property Committee, were sold. The money from the deal was transferred to the central state budget.

The private joint stock company 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. In January-September the bank’s profits were estimated at Br98.4 billion, up by 9% compared to the same period last year. Since the start of the year, the funding base of the bank expanded by 26.1% to make up Br8.483 trillion as of 1 October.