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Russia's VTB plans to convert all preferred stock into ordinary shares
Russia's VTB plans to convert all preferred stock into ordinary shares
About this update from Vtb
Russia's second-largest bank, VTB, plans to convert all of its preferred stock, held exclusively by the state, into ordinary shares, a senior executive said on Friday, in a move that would raise the state's stake in the bank to 74.4% from 50.1%.VTB First Deputy CEO Dmitry Pyanov said the conversion would simplify the bank's capital structure but would not affect the bank's overall capital adequacy. He added that minority shareholders would receive the same dividend despite the conversion.