Government not going to surrender control in VTB — CEO

MOSCOW, June 30. /TASS/. The Russian government is not going to surrender control in VTB and its share will be kept at the level of 50% + 1 share, CEO Andrey Kostin said at the annual general meeting of bank shareholders.

"The government is not going to give away control, the government’s share must be 50 +1, and the government does not intend to contribute money into the capital. So we can make further additional issues, certainly, but they are limited by the existing cap," Kostin said.

Earlier reports said that VTB would float additional stocks totaling about 500 bln rubles ($6.4 bln). VTB updated later that from 300 bln rubles to 400 bln rubles ($3.8-5.1 bln) are planned to be raised during the forthcoming additional issue.

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