The decision to withdraw from the capital of VTB Banka a.d. Beograd supervisory board of VTB took on June 29, but on the sale of the Serbian "daughter" it became known only on Monday, July 2, in the evening from the resolution of the Supervisory Board published by the bank. VTB sells 100% of the bank's ordinary shares (7,344,813 shares) with a par value of 500 Serbian dinars each. The transaction should be conducted "at a price not lower than the market value determined by the appraiser".
VTB Banka a.d. Beograd is a specialized bank focused on the development of trade between Russia and Serbia. In addition to standard banking products, the Serbian "daughter" VTB offers its corporate clients protection from the risk of non-fulfillment of claims through international factoring services, as well as protection against currency risks through forward contracts. The subsidiary bank in Serbia VTB received as a result of the merger of the Bank of Moscow. Until 2013, it was called the Bank of Moscow (Belgrade).
VTB Chairman Andrei Kostin in 2016 said that the bank can sell its Serbian "daughter", if it becomes unprofitable. In the spring of 2017, VTB First Deputy Chairman Yury Soloviev said that VTB Banka a.d. Beograd apply for two foreign buyers. VTB's IFRS financial statements for the year 2017 stated that VTB Group estimates the likelihood of the sale of VTB Banka a.d. Beograd as high.
Earlier, due to sanctions on the sale of its Turkish "daughter" Sberbank agreed. The 99.85% stake in the Turkish bank will be bought by the Arab banking group Emirates NBD. The final price of the transaction is unknown, but it will be approximately 0.7-0.8 of the bank's capital.