Moscow, 8 November 2016–Sistema PJSFC (LSE:SSA,MOEX: AFKS) (hereinafter-Sistema), a diversified public holding company, announces that it has acquired 7,362,690 ordinary shares of PJSC MTS Bank (hereinafter - MTS Bank), placed as part of an additional issue, for a total consideration of RUB 7.7 billion.
As a result of the transaction, Sistema’s share in the capital of MTS Bank will reach 71.87%.
The total share issue of MTS Bank will be worth RUB 10.5 billion.
Sistema President Mikhail Shamolin said: “This additional share issue of MTS Bank is being carried out to optimise the bank’s capital structure. In addition, it will enable the further realisation of the bank’s retail and corporate strategy, as well as the digitalisation of the business. The bank is already demonstrating consistently positive dynamics, namely in the quality of its loan portfolio and profitability. We expect MTS Bank to report a net profit in 2017.”
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