MOSCOW Jan 31 Russia's second-largest bank VTB
may delay a planned share issue due to President
Vladimir Putin's call to conduct all further state asset sales
on the country's own stock exchanges, its chief executive Andrei
Kostin said on Thursday.
Putin, who is seeking to transform Moscow into a global
financial centre, last week called for state share sales to be
held in Russia rather than on international bourses. Kostin said
he supports this idea but it may affect the deal's timing.
"Can it affect timing? It is possible, but we are not much
in a hurry, our capital adequacy ratio is normal, so we will be
in touch with the government, (we will) look at a comfortable
time and comfortable volumes," Kostin told journalists.
VTB is expected to be next in line in Russia's
privatisation plan and has planned an issue of at least 10
percent of its shares this spring, raising at least $2 billion
to bolster its capital base.
Kostin said he is not set on the timing of the deal.
"I'm absolutely flexible here and won't put myself into any
frames, neither in terms of price, nor time or form (of the
deal). I think the government has the same approach," he said.
Some analysts have warned that the Moscow stock exchange is
too small to supply all the capital being sought by VTB and a
series of state-owned companies, which could depress the price
of the shares they aim to sell.
(Reporting by Katya Golubkova; Editing by David Holmes)