Head of Azerbaijani State Oil Fund elects to VTB Bank`s Supervisory Council

Photo: Head of Azerbaijani State Oil Fund elects to VTB Bank`s Supervisory Council / Economy news

Baku, Azerbaijan, June 20

The shareholders of Russia's second largest VTB bank decided to lower dividend payments as of 2013 from 16.5 percent to 15 percent from the net profit on the International Financial Reporting Standards a year earlier at the annual meeting held on June 19.

As the bank's website said, in absolute expression of VTB dividend, the control share package of which owned by state (60.93 percent) remains at the same level as of 2012 - 15 billion rubles. Thus, VTB will pay dividends in the amount of 0,116 kopecks per share par value of 0.01 rubles. The register for the receipt of dividends ends on July 1.

In accordance with the audit report, the bank's net income for distribution amounted to 34, 485 billion rubles, allocations to the Reserve Fund - 1.25 billion rubles, retained earnings - 18.2 billion rubles.

Furthermore, the shareholders at the meeting elected a new Supervisory Board which consists of 11 people. The head of the TPG investment fund David Bonderman was replaced by the First Deputy Chief of RF Government Administration Mikhail Kopeikin as an independent director.

The board also elected head of VTB Andrei Kostin, Managing Director of Nord Stream AG Matthias Warnig, supervisory board chairman Sergei Dubinin, Rector of St. Petersburg State University Nikolai Kropachev, Russian Deputy Finance Minister Alexei Moiseev, Deputy Chairman of the Bank of Russia Vladimir Chistyuhin.

Deputy chairman of French Vinci construction company Yves-Thibault de Silguy, Rector of the "Russian Economic School" Simeon Djankov, Executive Director of the State Oil Fund of Azerbaijan Shahmar Movsumov and scientific secretary of the Council for the Study of Productive Forces of the Russian Academy of Sciences Elena Popova were elected as independent members of the Supervisory Board.

SOFAZ owns 2.95 percent share in Russia's VTB Bank. The cost of this acquisition fund was $500 million.

SOFAZ was established in 1999, with a total net worth of $271 million.

As of April 1, 2014, SOFAZ assets increased by 2.07 percent compared to early 2014 ($35.877.5 billion) and reached $36.618.4 billion.

Official exchange rate on June 20 is 34.3025 RUR / USD.

Edited by CN

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