VTB still in early phases of its privileged share discussions with FinMin - Kostin

VTB (MOEX: VTBR) is now at a very early phase of its privileged share discussions with the Ministry of Finance, said Andrei Kostin, CEO and Chairman of VTB at a press-conference during VTB Capital’s "RUSSIA CALLING!" Forum.
"We are at a very early phase of the process, and it is still too (early - IF) to even speak of forms or other things ", - said Kostin.

He said that the story hardly has any relation to sanctions. "It has no direct relations to sanctions, because sanctions are imposed on new share offerings, some transactions related to the existing shares, and if it concerns a buyback, it can hardly be under a sanctioned category ", - added the head of VTB.

According to him, the bank is concerned that the volume of privileged shares “is rather high, and this probably has an impact on how investors look at the bank ". "We realize there is this issue", - underlined Kostin.

"We will deal with the issue, when there will be any news, we will of course let you know. But now it’s just in the first phase", - he said.