Andrei Kostin advised Mikhail Zadornov not to wave his arms

VTB and one of its largest shareholders, Otkritie Bank, have diverged in estimates of dividends for 2018. Zadornov believes that the bank could pay dividends above the calculations made. Kostin called the dividend issue "resolved."
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VTB head Andrei Kostin did not agree with the calculations of the head of Otkritie Bank (owns 14.7% of VTB) Mikhail Zadornov on dividends for 2018. As Kostin told reporters on Saturday, the dividend issue for 2018 has been resolved.

“We gave our calculations, and they were accepted by the Central Bank and the Ministry of Finance, the issue was resolved, the meeting passed, dividends were distributed, there is such a saying when you have to wave your hands,” Kostin said, “Interfax”.

The commentary followed in connection with the statements made by Zadornov, which he made the day before in an interview with TASS at the St. Petersburg International Economic Forum. “We voted at the supervisory board against distributing dividends in this way. My position is very simple: I am sure that VTB could pay and should pay more dividends by the end of 2018, all calculations show, ”said Zadornov.

He also made interim dividends in the current year up to 2018, in case the situation develops “as we expected”. “Because colleagues [of VTB Bank] have enough capital in order to sustain their plans and comply with the standards of Basel III at the beginning of 2020,” said Zadornov. “There is an opportunity to pay shareholders — not only us, but also others, market shareholders, individuals — more dividends than it was done,” said the head of Otkritie Bank.

Following the results of 2018, VTB is going to send only 15% of the bank’s net profit according to international financial reporting standards (IFRS) for dividends. Additional money was needed for the bank to recapitalize Basel III. Finance Minister Anton Siluanov explained that the implementation of the Basel III standards required VTB to recapitalize 450 billion rubles. in the period from 2017 to 2019.

The bank promises to return to the practice of paying shareholders 50% already in 2019.