14:38 GMT +316 February 2019
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    Vneshtorgbank plans to IPO 22-23% of its charter capital

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    MOSCOW, December 21 (RIA Novosti) - Russia's state-controlled foreign trade bank Vneshtorgbank (VTB) said Thursday it planned to float up to 23% of its authorized capital in May 2007.

    The bank will place up to 50% of the issued shares in Russia and the rest on global financial markets.

    Assets of Vneshtorgbank and its subsidiaries (VTB Group) should total $130-150 billion by 2010, the group said earlier on Thursday.

    The group said 15% of its assets will be concentrated abroad under the group's strategy.

    Under the strategy, the group will continue "proactive development of corporate, investment-banking and retail business and services for financial institutions, which will raise VTB's share on the banking services market to 12%," VTB Group said.

    VTB Group is a leading Russian commercial banking group, offering a wide range of banking services and carrying out operations at home and abroad. As of June 30, 2006, VTB Group included 151 branches.

    VTB is seeking further international expansion, with branches to operate in 21 countries in the next 18 months. New branches are set to be launched in ex-Soviet republics and in Asia, including in Vietnam, China and India.