10.08.2022
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Finance

The Central Bank will have the opportunity to sell Otkritie to VTB Bank without bidding and the consent of the FAS

The transaction for the purchase of Otkritie by VTB Bank will not require the prior consent of the Central Bank and the Federal Antimonopoly Service (FAS) and will take place without announcing an auction. According to Interfax, this follows from the amendments made to the State Duma.

The document was approved by the State Duma Committee on Property, it is scheduled to be considered in the second reading on June 28. Amendments were made by a group of deputies to a government bill regulating the issuance of various types of shares by international companies.

According to the amendments, the Board of Directors of the Bank of Russia has the right to decide on the sale of Otkritie shares acquired in the course of bankruptcy prevention measures to VTB Bank at a market value, which will be determined in accordance with the procedure for appraisal activities established by the legislation of the Russian Federation.

The decision of the Board of Directors of the Central Bank will not be subject to the procedure for the sale of shares acquired in the course of preventing the bankruptcy of banks, and the provisions of laws requiring prior or subsequent consent of the Central Bank, as well as the consent of the Federal Antimonopoly Service.

Recall that now the procedure for the exit of the Central Bank from the capital of the banks being rehabilitated suggests that the regulator should basically sell shares at auction. In the event that one participant is declared or one participant remains at the end of the auction, the Central Bank may sell shares as part of out-of-competition procedures. Last year, this order was supplemented by a new article, which allowed the Central Bank to sell banks through the mechanism of merger and accession.

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