VTB supervisory board votes to sell 10% in Angolan subsidiary

MOSCOW, Feb 27 (PRIME) -- The supervisory board of Russia’s second biggest lender VTB has decided to sell its 10% stake in Banco VTB Africa in Angola, VTB said in a statement on Thursday.

“To rule in favor of selling 1.875 million shares of Banco VTB Africa, S.A. by bank VTB at the face value of 400 kwanzas each, which is 10% of the charter capital of Banco VTB Africa, S.A… Voting results: to vote in favor of the decision,” VTB said.

VTB CEO Andrei Kostin said earlier that VTB and its partners plan to sell 20% in the Angolan subsidiary to the asset’s executives to reduce its interest to 40%. He said in January that the deal could be closed until July 2020.

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