Rosimushestvo not buying VTB shares from "Otkritie", market sale of stake to major investors preferable for VTB - Kostin

Sale of VTB (MOEX: VTBR) stake owned by FC Otkritie bank (14,8%) is not up for discussion yet, the Federal State Property Agency (Rosimushestvo) will not buy out the stake, as journalists were informed by Andrei Kostin, CEO and Chairman of VTB.
"The matter is no longer pressing now ", - said Kostin.

" Rosimushestvo will not buy it (VTB shares with "Otkritie" - IF). We think there is an option to sell it on the market. The preferred option for us would be a purchase by major financial investors. These could be pension funds, investors, and as we see it, there is interest in these", - said the head of VTB.

He added that it would be important for "Otkritie" bank (MOEX: OPEN) to agree to and be ready for a deal, and an approval by the Central Bank will also be required. "As I see it, today the management of "Otkritie" thinks they are not satisfied with the price level, and it seems they are willing to wait for stock prices to go up", - assumed Kostin.

He clarified that the issue needs to be resolved and not because VTB is not happy with "Otkritie" being its shareholder, but because the stake is planned to be sold during privatization, and this will put pressure on the market and on the price of VTB stock.