Date: 2 months ago   Category: Finance

"Renaissance" is completely integrated into VTB in 2020 — Rambler News Service


Photo: sheet/PhotoXPress.ru VTB expects to close the transaction on purchase of a controlling stake (not less than 75% of stocks) of Vozrozhdeniye bank in September, full integration of banks will take place in 2020, the deputy chairman of board of VTB Anatoly Pechatnikov has told journalists. He has noted that the Renaissance brand "will hardly remain in the market". "I have already specified transaction time frames - it is September of this year. We plan completion of integration and merging of two banks in 2020" — Pechatnikov has told, having noted that VTB can take up to 90% of shares of Vozrozhdeniye. "We aim in figure more than 90%. Really there is an equity stake which freely are traded on the market which belong to minority shareholders, they also will remain, probably, in free circulation if minority shareholders don't take advantage of the offer on obligatory repayment" — Pechatnikov has added. According to him, the offer is planned to be announced after closing of the transaction, in the IV quarter of the current year. The board member of VTB Gennady Soldatenkov will become the head of Vozrozhdeniye bank. As Soldatenkov has reported that full integration of Vozrozhdeniye with VTB in one legal person is planned in 2020. Pechatnikov has emphasized that the transaction on purchase by VTB Vozrozhdeniya bank will pass only if all actions are exempted from the current encumbrances, and that number, in the Russian jurisdiction. Earlier the High Court of Justice has released a share Dmitry Ananyeva in Vozrozhdeniye bank after the shareholder has paid the full sum of requirements of investors.

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