VTB

commercial bank. The main shareholder is the Russian government (85.5%). Capitalization (MICEX) - 194.4 billion rubles. Financial indicators (IFRS, 9 months of 2010): assets - 3.753 trillion rubles, capital - 545.4 billion rubles, profit - 38.8 billion rubles.

According to VTB's financial statements under Russian standards, in December the value of the bank's "shares of subsidiary and dependent credit organizations" increased by 20.8 billion rubles. Most likely, these are the bank's expenses on the acquisition of 43.2% of ordinary shares of Transcreditbank (TKB), which the bank announced at the end of December, believe analysts from Bank of Moscow Yegor Fedorov and BKF-bank Maxim Osadchiy. According to Fedorov's calculations, this amount corresponds to a coefficient of 1.95 of Tier 1 capital as of October 1.

In early October, VTB's supervisory board approved the phased acquisition of 100% of TKB shares at a price no higher than 2.2 times TKB's Tier 1 capital at the end of 2010 (taking into account possible adjustments to the value of its assets and reserve levels). Thus, the securities were acquired from minority shareholders at a slightly lower price than the market expected.

The shares were sold by the railway workers’ NPF “Blagosostoyanie” (more than 20%), two closed-end mutual funds (about 21% for two) and several other legal entities (only 2.2%).

The buyout of TKB shares from funds took place based on the bank's financial statements for the three quarters, notes a Vedomosti source familiar with the transaction. At that time, TKB's capital was 24 billion rubles, Vedomosti sources expected that by the end of the year it could reach 25 billion rubles.

VTB bought shares at 21 rubles, Osadchiy calculated, which is exactly what they cost yesterday on the MICEX.

Last week, VTB submitted a mandatory offer to the Federal Service for Financial Markets to buy out 56.82% of TKB's ordinary shares from shareholders (54.4% from Russian Railways, 2.4% from individuals). The offer price should be the weighted average for the last six months. Osadchy believes that it will be 21 rubles per share. This is confirmed by a source close to the deal.

RZhD planned to sell 10% of TKB shares by the end of 2010, but the order to do so is pending approval by the Ministry of Economic Development. The RZhD Supervisory Board approved the sale of this package for no less than 17.17 rubles per share. The price will be determined by an independent appraiser based on TKB IFRS at the end of the year.

The deal with the controlling stake in Russian Railways will be made at a price of 2.2 of the capital, or about 23 rubles per share, notes a source close to the deal for Vedomosti. It was not possible to get comments from Russian Railways yesterday.

Minority stakes in TKB were purchased in accordance with the decision of the supervisory board, VTB's press service said, refusing to comment on the RAS reporting. TKB declined to comment.

VTB has begun consolidation of Transcreditbank