MTS to cut its stake in MTS Bank after additional share issue

By Thomson Reuters Mar 15, 2024 | 10:29 AM

MOSCOW(Reuters) – Russia’s largest mobile operator MTS said on Friday it plans to reduce its stake in the authorised capital of its fintech unit MTS Bank.

MTS’s stake in the bank’s capital may fall to 80.55% from 99.82% as a result of an additional issue of 7.2 million shares in MTS Bank, MTS said in a statement.

Four sources close to the matter told Reuters in February that MTS Bank planned to launch an initial public offering in spring 2024 and could raise up to 15 billion roubles ($161.99 million).

($1 = 92.5955 roubles)

(Reporting by Gleb Stolyarov; Editing by Alison Williams)