Russia’s second-largest bank state-controlled VTB plans to divest non-core assets unrelated to banking operations within the next five years, according to Interfax citing the bank's CEO, Andrei Kostin.
As followed by bne IntelliNews, VTB has for years been called upon for bailing out troubled industrial majors, such as the United Shipbuilding Corporation (USC or OSK). However, in the first signs of a possible shift of policy, this year the bank called off a deal to acquire major shipyard Zvezda.
"The Central Bank [of Russia], by the way, discourages us from venturing into other industries. I believe this is the right approach. I have made a decision for the next five years, as requirements for non-core and non-financial assets are being tightened. Our goal is to exit all these assets that are not directly related to banking and focus exclusively on banking activities," Kostin said at the Data Fusion forum, as cited by Interfax.
In a separate report, Interfax also reported that VTB has reduced its stake in National Logistics Technologies (NLT), a joint venture with Russian Post, and plans to exit the venture by the end of 2025.
NLT reported that as of January 17 Russian Post became the owner of 74.99% of the company. VTB sold its 12.5% stake to Russian Post in December 2024, and plans to sell the remaining 25% by the end of 2025, the bank told Interfax.
Related Articles
Drones strike Russia’s largest oil port of Primorsk
More than 30 Ukrainian drones targeted Russia’s biggest oil terminal of Primorsk overnight on September 11–12, The Moscow Times reported on September 12. A pumping station caught fire as a ... more
Russian drones targeted Rzeszów airport hub, media claim
Russian drones, which breached Polish airspace in the early hours of September 10, might have been targeting the airport in Rzeszów, which is vital for the West’s military supplies to Ukraine, ... more
Second Russian LNG tanker arrives in Chinese port defying sanctions
A second vessel transporting LNG from Russia’s sanctioned Arctic LNG 2 terminal has docked at a Chinese port, Reuters reported on September 6 citing ship tracking data from the London Stock ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago