The VTB bank has closed a deal where it sold 24 per cent of the shares of an additional emission. The shares were offered to investors at a 10-per cent discount as compared to the exchange price, which fact attracted a broad range of participants even in spite of the fact that the shares were traded exclusively on the Moscow Stock Exchange.
Active purchases were also stimulated by the bank’s sale of shares in its capital at extremely low coefficients. Thus, the capitalisation to the bank’s own capital ratio (p/bv) amounted to 0.62, whereas in VTB’s principal rival – Sberbank – it is 1.25 (you may say that investors value Sberbank 100 per cent higher than they do VTB). Continue reading