National Bank Trust in Russia has reportedly sold around 9.1% stake of VTB Bank through an accelerated book building.
The move involved selling around 1.18 trillion existing ordinary shares of VTB Bank. Citigroup Global Markets, JP Morgan Securities and VTB Capital were acting as joint global coordinators and joint bookrunners for the sale.
Go deeper with GlobalData
According to a Reuters report, the divestment generated proceeds of around $680m.
VTB Capital equity markets division co-head Boris Kvasov said in a statement that the order books were covered in less than an hour after it opened.
Most of the demand came from abroad and was dominated by UK investment funds, the news agency added quoting Kvasov.
VTB will not receive any proceeds from this sale.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataA statement said: “The Seller has agreed that it will not, for the period ending 60 days after the closing of the Sale, offer, sell or otherwise transfer any unsold ordinary shares of VTB Bank (PJSC), if any, subject to customary exceptions.”
Notably, the Central Bank of Russia established National Bank Trust to manage and divest non-core assets of financial institutions.
The entity acquired around 9.08% of existing issued ordinary share capital of VTB Bank in December last year. The stake was originally with Okritie banking group.
Last month, VTB announced that it will achieve its digital transformation strategy by the end of Q1 2022.
