VTB shareholders approve transferring blocked assets, liabilities to separate legal entity

MOSCOW. Oct 16 (Interfax) - The shareholders of VTB during an extraordinary general meeting on October 16 approved transferring blocked assets and liabilities to a separate legal entity, the bank said.

The EGM was held in absentia, and the date of record for the meeting was September 21.

VTB plans to spin off a separate legal entity in accordance with federal law No. 292 and transfer blocked assets and liabilities owed to unfriendly foreign entities to the entity. The shareholders also approved a new version of the charter; the provision on the procedure for preparing, convening and holding a general shareholders meeting; and the provision on the bank's supervisory board and management board in connection with the reorganization.

"We plan to transfer the assets and liabilities owed to unfriendly creditors in a lump sum totaling up to 170 billion rubles to the newly created company by the end of the year. This should allow us to ensure more efficient operations with the assets and liabilities, and contribute to improving the balance sheet structure and financial performance of VTB in 2024," VTB First Deputy Management Board Chairman and CFO Dmitry Pyanov told Interfax.

VTB estimates that transferring the blocked assets and liabilities to the separate legal entity should generate net profit of 92 billion rubles for the bank.