VTB aggression pays-off

14 Feb 2011

Deutsche Bank and Bank of America Merrill Lynch completed the $3.27bn sale of VTB Bank stock for the Russian government on Monday, and saw what one banker described as an aggressive approach to pricing pay-off.

The sale of 10% of the company through shares and GDRs was priced before Monday’s open at the equivalent of $6.25 a GDR — around Friday’s closing level — and 9.1468 kopecks a share for proceeds of Rb95.7bn. The GDRs rallied after the announcement, trading around the $6.40-$6.50 ...

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