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Russia's VTB Bank carries out reverse share split

Reuters
·1-min read
St. Petersburg International Economic Forum opens in Russia

MOSCOW (Reuters) - Russia's second largest bank, VTB, has carried out a reverse share split that will raise the value of each individual share to 50 roubles ($0.57) from 0.01 roubles, the bank said on Thursday.

A reverse share split, or stock merge, consolidates the number of existing shares held by shareholders into fewer shares.

The reverse share split was designed to make it easier for investors to trade VTB's shares, CFO Dmitry Pyanov said.

"We hope that the temporary suspension of trading in the bank's shares on Moscow Exchange due to the procedure will not cause our investors inconvenience and we expect that trading with a new nominal value will start from July 15," Pyanov said.

($1 = 87.5000 roubles)

(Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Emelia Sithole-Matarise)