OREANDA-NEWS. July 17, 2014. VTB Bank’s Supervisory Council has decided to convene an extraordinary general meeting of shareholders, which will be held by absentee voting on 29 August 2014, to decide on the issue of preferred shares to be placed with the Russian Federation.

Since this will be the Bank’s first offering of the registered preferred shares, the Supervisory Council approved the offering price at par value of Rub 0.01 (one kopeck).

"The placement of preferred shares will have a positive impact on VTB’s business activities, enabling us to provide extended credit support to strategic industries of the Russian economy as well as to small and medium-size businesses, and will create ground for further growing our capital base by raising more subordinated debt. I am confident that this will have an overall positive effect on the Russian economy".
Andrey Kostin, President and Chairman of VTB Bank’s Management Board and Member of the Supervisory Council.