Cost of acquisition of VTB Azerbaijan shares revealed
Baku, Azerbaijan, Nov. 22
By Azad Hasanli – Trend:
The cost of the transaction between VTB 24 and AtaHolding for the purchase of VTB (Azerbaijan) shares was 45.5 million manat, according to a report published on the ESID (Electronic System of Information Disclosure) portal, under the Financial Market Supervisory Authority of Azerbaijan.
The cost of each share is approximately 0.37 manat. In total, VTB 24 acquired 48.99 percent of shares of VTB (Azerbaijan). Thus, VTB Bank (Azerbaijan) shares are now distributed between VTB Bank (51 percent) and VTB Bank 24 (48.99 percent), and individual Adigozal Agayev (0.01 percent).
The information disclosure portal reports that the deal was concluded in October of this year and approved by the notary office No. 1 of Baku. However, information about the deal was spread only in November.
Earlier this year, AtaHolding also sold its 100% stake in AtaBank. The new owner of the bank was another large holding company - Synergy Group. After the entry into force of both transactions, AtaHolding finally left the Azerbaijani banking market.
The head office of VTB Group earlier told Trend that the change in the composition of VTB Bank (Azerbaijan) shareholders will not affect its activities.
"The acquisition of a stake in VTB (Azerbaijan) is carried out to strengthen control and in the framework of optimizing the management of the foreign network," VTB office noted.
VTB Bank (Azerbaijan) has been operating in the country since 2009 after the acquisition of AF-Bank shares.
VTB Group is a Russian financial group that includes more than 20 credit and financial companies operating in all major segments of the financial market.
The main shareholder of the group is the Russian government, which owns 60.9 percent of voting shares, or 45.01 percent (taking into account the State Deposit Insurance Agency - 92.23 percent) of the bank's authorized capital.