Russia intends to soar its stake in Bank VTB (Azerbaijan) to 100%

Baku. 19 July. REPORT.AZ/ The Russian VTB Group intends to increase its stake in Bank VTB (Azerbaijan) to 100%. The decision was taken by the Supervisory Board of VTB24. The amount of the transaction may equal to $ 31.39 million.

Report informs referring to the Russian media.

VTB24 will acquire 124,496,737 registered ordinary shares of Bank VTB (Azerbaijan) with a nominal value of AZN 0.2 each, amounting to 49% of the authorized capital of the Azerbaijani bank at a price of 0.252184550427213 dollars per share. As a result, VTB24's share in the authorized capital of Bank VTB (Azerbaijan) will be 49%.

Notably, main shareholders of Bank VTB (Azerbaijan) are the Russian Bank VTB (51%) and Azerbaijan's AtaHolding (49%). The authorized capital of the credit organization is estimated at 50.8 million AZN.