Official: Otkritie stake revaluation eats into VTB Jul-Sep profit

MOSCOW, Nov 9 (PRIME) -- Russia’s second largest lender VTB has revalued its investment in Otkritie Holding to zero, and the negative effect of this operation on the July–September profit amounted to 7 billion rubles, Deputy CEO Herbert Moos told reporters on Thursday.

“We’ve also registered a negative effect on the balance of the third quarter, this is, as we expect, a one-time effect connected with the situation with Otkritie,” Moos said.

“In particular, VTB is an owner of a stake in Otkritie Holding, the key asset of this holding, this is investment in Otkritie Financial Corporation (FC) Bank. We understand that the holding company lost the asset as a result of bailout of the bank. Which is why we… revalued it to zero.”

Otkritie FC Bank is undergoing a bailout launched by the central bank at the end of August.

(59.2480 rubles – U.S. $1)

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