SOFAZ expects increase in dividends in Russia’s VTB Bank
Baku, Azerbaijan, April 11
By Maksim Tsurkov, Ilkin Izzet – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) expects a sharp increase in dividends as a result of its equity participation in Russia’s VTB bank, Shahmar Movsumov, SOFAZ executive director, told reporters in Baku April 11.
He added that a general meeting of VTB bank will be held in St. Petersburg (Russia) in May 2018.
"During the general meeting, new members of the supervisory board will be elected, as well as dividends will be paid following 2017,” Movsumov said. “We expect a sharp increase in dividends compared to 2016."
He stressed that anti-Russian sanctions have a certain impact on the bank's activity.
"However, the sanctions will not affect the change in our stake in VTB,” Movsumov said. “SOFAZ does not intend to increase or decrease the share in VTB."
“SOFAZ’s fiscal rules have already been prepared and approved by the financial council,” he said. “Currently, they are expected to be approved by the Azerbaijani government.”
SOFAZ owns a 2.95-percent stake in the second biggest bank of Russia - VTB.