JSC VTB Bank in $3.3 Billion GDR Secondary Offering by the Russian Federation

February 17, 2011

Cleary Gottlieb represented JSC VTB Bank in the first phase of the Russian Federation’s privatization program: the offering of a 10% stake in VTB. The offering of 1,046,054,133,732 shares in the form of shares and global depositary receipts at an offer price of 9.1469 kopeks or $0.003125 per offer share and $6.25 per global depositary receipt totaling approximately $3.3 billion, closed on February 17.

The VTB Group is a leading Russian universal banking group and, until the offering, was 85.5% owned by the Russian Federation. The global depositary receipts have been admitted to the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange. The new global depositary receipts are fungible with VTB’s existing global depositary receipts.