SOFAZ earns $25M from VTB Bank assets
Baku, Azerbaijan, Oct. 12
By Maksim Tsurkov – Trend:
Dividends of Azerbaijan’s State Oil Fund (SOFAZ) from Russia’s VTB Bank amount to $25 million, said SOFAZ CEO Shahmar Movsumov in a press conference in Baku Oct. 12.
SOFAZ is a shareholder in VTB Bank.
Movsumov said VTB Bank is one of the largest banks in Russia.
“Sixty percent of the bank’s shares belong to the [Russian] state. Of course, sanctions against Russia could not but affect the value of VTB shares, which led to a decline in revenue. However, experts predict that the shares will rise in price by 25 percent after the sanctions are lifted. SOFAZ is a long-term investor and does not intend to sell its stake in VTB,” said Movsumov.
SOFAZ has a 2.95-percent share in VTB Bank.
Russia’s VTB Bank is represented in Azerbaijan through its subsidiary VTB Bank Azerbaijan.
Shareholders of VTB Bank Azerbaijan are the VTB Bank PJSC and Ata Holding OJSC.
VTB Bank Azerbaijan renders services to corporate business customers, small businesses and private clients.
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