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Russia’s MTS Bank announces rare IPO in push for growth

    Financial Collateral > Banking News > Economy > Russia’s MTS Bank announces rare IPO in push for growth
April 12, 2024
Jerry
Economy
0
MOSCOW, April 12 (Reuters) – MTS Bank, the fintech arm of Russia’s leading mobile phone operator MTS (MTSS.MM), opens new tab, announced on Friday it would hold an initial public offering (IPO), a rare occurrence for Russian banks hit with Western sanctions.
MTS Bank will be only the second Russian bank to hold an IPO since the West imposed sweeping sanctions on Moscow over its decision to send tens of thousands of troops into Ukraine in February 2022.
In early April the Russian Central Bank registered an additional issue of 7.187 million MTS Bank ordinary shares with a par value of 500 roubles each. That was up 19.3% of the bank’s increased authorised capital.
“The funds raised in the IPO will be used by the bank to implement its growth strategy and further scale its high-margin retail business,” the bank said in a statement.
The majority shareholder, MTS, does not plan to sell its shares and will retain a majority stake in the bank’s capital.
Source: REUTER

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