July 4 (SeeNews) - Russian bank VTB said its supervisory board approved the sale of the entire capital of its Serbian subsidiary VTB Banka a.d. Beograd.
VTB intends to sell the entire capital of VTB Banka which is composed of 7,344,813 shares with a nominal value of 500 dinars ($4.9/4.2 euro) apiece, the Russian bank said in a filing with the Moscow Stock Exchange earlier this week.
You can subscribe to our M&A newsletter here
The shares will be sold at a price that is not inferior to their market value, VTB said.
The sale of 100% of the capital of VTB Banka was approved by the supervisory board of the Russian bank on Monday.
In the spring of 2017, the first deputy president of VTB, Yuri Soloviev, said two foreign investors expressed interest in the acquisition of VTB Banka.
VTB took control of the Serbian bank in 2013 as a result of the acquisition of the Bank of Moscow. Back then, the name of the Serbian lender was changed to VTB Banka a.d. Beograd from Bank of Moscow (Belgrade).
(1 euro = 117.982 dinars)