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VTB BANK (PUBLIC JOINT-STOCK COMPANY)

(VTBR)
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VTB Not Looking at Otkritie or Rosgosstrakh

09/30/2021 | 11:00am EST

VTB Bank (public joint-stock company) (LSE:VTBR) is not bidding for or conducting an evaluation of the assets of Public Joint-Stock Company Bank Otkritie Financial Corporation (Otkritie Group), and this is not only due to the position of the seller - the Central Bank of the Russian Federation (Central Bank of Russia), which does not want to increase the state share in the financial sector, but also business logic: the purchase of the bank would overburden VTB's capital, while in insurance the lender already has a strategic partner. "As of now, according to my information, there are no due diligence actions on the part of employees or management of VTB Bank with respect to Otkritie Group," VTB board member Dmitry Pyanov told reporters. Judging by the statements of the Bank of Russia, VTB is an undesirable buyer for Otkritie, Pyanov said. He also pointed to the size of Otkritie Bank, stressing that its purchase would require a lot of capital. "To acquire a banking legal entity that big, we would incur an excessive capital burden, i.e. our capabilities do not match the size of the asset to be acquired," Pyanov said. Also, he said, there is the issue of cost synergies without losing customers. Pyanov also commented on the possibility of VTB Bank buying Rosgosstrakh Insurance Company (Public Joint Stock Company) (MISX:RGSS). "Our strategy for the development of the insurance business and bancassurance is exclusively a partnership with SOGAZ, so we did not look at Rosgosstrakh," he said, stressing that this violates the logic of all the lender's previous statements.


ę S&P Capital IQ 2021
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Financials
Sales 2021 824 B 10 972 M 10 972 M
Net income 2021 236 B 3 145 M 3 145 M
Net Debt 2021 - - -
P/E ratio 2021 2,67x
Yield 2021 13,2%
Capitalization 609 B 8 049 M 8 116 M
Capi. / Sales 2021 0,74x
Capi. / Sales 2022 0,69x
Nbr of Employees 76 333
Free-Float 34,1%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 0,05 RUB
Average target price 0,06 RUB
Spread / Average Target 29,8%
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Managers and Directors
Andrey Leonidovich Kostin Chairman-Management Board & President
Dmitriy Grigorenko Chairman-Supervisory Board
Artur Matthias Warnig Member-Supervisory Council
Igor Nikolayevich Repin Independent Member-Supervisory Council
Yves-Thibault de Silguy Independent Member-Supervisory Board