Andrey Kostin announced the preservation of plans for interaction between VTB and Wildberries
Quick Look
- The strategic plans of VTB and Wildberries remain unchanged, agreements will be finalized within a month.
- The bank's additional share issue for the purchase of a stake in WB Bank has been postponed to October.
AI-generated summary
Why It Matters
VTB and Wildberries are planning close financial cooperation, including the acquisition of a stake in WB Bank.
Strategically, nothing has changed in the interaction between VTB and Wildberries; all agreements will be finalized in the next month, said the head of the bank, Andrei Kostin, quoted by TASS.
The top manager emphasized that the timing of the implementation of the plan had shifted slightly due to the fact that Wildberries were, in his words, busy with “firefighting” actions, but now everything has returned to normal, and, after the completion of what was previously agreed, close interaction in the field of finance will continue.
Kostin also clarified that the additional issue of VTB, associated with the acquisition of a five percent stake in WB Bank, was postponed, but will take place in October.
VTB announced plans to sharply increase the number of shares at the end of May. Since then, quotes for the bank's securities have dropped significantly, reaching a minimum of less than 49.5 rubles. At the time of writing, the price of a VTB share on the Moscow Exchange was 51.23 rubles.
What to Watch
AI outlook — possibilities, not facts
VTB's additional share issue will take place in October
Likely · Within months
Open Questions
- When exactly will the additional share issue take place in October?
- What are the exact parameters of the WB Bank transaction?
