A group of deputies submitted an amendment to the State Duma that would allow the Bank of Russia to sell shares of Otkritie Bank to VTB without tender and approval of the Federal Antimonopoly Service (FAS).
The text of the amendment to the bill regulating the issuance of various types of shares by international companies has been published in the State Duma database. The document was approved by the State Duma Committee on Property, Land and Property Relations. On June 28 it will be considered in second reading.
If the amendments are adopted, Otkritie shares acquired by the Central Bank in 2017 in the course of implementing measures to prevent the bank’s bankruptcy may be sold to VTB at market value.
It will be determined in accordance with the procedure established by the law on appraisal activities. Earlier, VTB chief Andrey Kostin told Interfax that Otkritie’s evaluation could take two to three months.
The sale of Otkritie will not be subject to the rules of the bankruptcy law, according to which the Central Bank is obliged to sell shares of banks seized for reorganization at auction. In addition, the transaction may pass without the consent of the FAS.
During a press conference in late April, Central Bank Director Elvira Nabiullina announced her support for merger regulator Otkritie, VTB and Crimea RNCB; all three credit institutions are under sanctions.
The Bank of Russia became the owner of Otkritie in 2017, having sanitized it with the participation of the Banking Sector Consolidation Fund (FCBS). The fund allocated 456 billion rubles for this.
Author:
Ahmed Sadulayev
Source: RB
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