VTB Group (RTS: VTBR) paid 251 billion rubles to consolidate 94.85% of the shares in Bank of Moscow (RTS: MMBM) (BOM), VTB’s deputy CEO Herbert Moos said on Wednesday.
“We paid 251 billion rubles for a 94.85% stake [in Bank of Moscow]. At the same time, the current value of its capital comes to 173 billion rubles. Therefore, we purchased this bank at a multiplier of 1.45,” he said.
VTB acquired 46.48% in Bank of Moscow in February 2011 and a blocking packet in OJSC Capital Insurance Group (which then owned around 17% in Bank of Moscow), from the Moscow city government. VTB currently owns 94.85% in Bank of Moscow while Capital Insurance Group holds 1.51%. Plenium Invest Ltd owns 2.99% in Bank of Moscow. This company, according to unofficial reports, is controlled by Bank of Moscow’s former president, Andrei Borodin. Other shareholders hold less than 1% in the bank.
VTB also paid 46 billion rubles for 77.86% in TransCreditBank (RTS: TCBN) (TCB), Moos said. The value of its capital comes to 28 billion rubles. This bank was acquired with a multiplier of 1.64 against capital.
It was reported in February 2012, VTB boosted his stake in the charter capital of TCB from 74.54% to 77.86%. VTB Group acquired TCB’s additional shares during their placement.
At the same time, Russian Railway’s (RTS: RZHD) (RZD) stake in TCB’s capital decreased from 25% to 21.81%.