And VTB is not enough for a whole: Andrei Kostin announced a new crusade for money | Latest news The Moscow Post
03 October 2023

And VTB is not enough for a whole: Andrei Kostin announced a new "crusade" for money

The head of VTB, Andrei Kostin, proposed a new privatization. What prompted him? Lack of personal money? After all, the state bank itself is constantly swollen from state injections, and where the money goes is not clear.

Meanwhile, VTB itself is once again "expanding" for the state account from the "pocket" of taxpayers. Will the money go to Andrei Kostin's construction and hotel projects?

VTB Bank placed its shares in the amount of almost 150 billion rubles for additional capitalization for state accounting. At the end of last year, it was announced that the authorized capital of the bank would be increased in this way by almost 302 billion rubles.

The additional issue is good for the institution itself, since its number of shares is growing and funds are flowing into the company, but it negatively affects the investors themselves, whose shares in the company are decreasing.

The bank does not have the best performance on the Moscow Exchange. Largely due to the previous additional capitalizations. Analysts believe that there are no drivers to increase their cost. The need for an additional issue is explained either by purchases of sanitized banks (Otkrytie), then by a crisis after the start of the SVO and the imposed sanctions, or something else. In fact, the irrepressible appetites of VTB head Andrei Kostin may be "to blame" for everything. The Moscow Post correspondent understood the story.

From generosity

Among other things, it is known that in December the bank reduced payments to holders of its bonds. Which may also indicate a very precarious position of the state bank. No wonder. VTB ended 2022 with serious losses - about 500 billion rubles. Kostin promised to fix the situation in 2023, and now it is obvious at whose expense.

I wonder why our state bank suffered from sanctions? The business model of the state bank turned out to be much more vulnerable to sanctions risks - official sources blur, and explain: this is due to two features - historical specialization in servicing foreign trade businesses, including the largest Russian exporters, and "the largest corporate investment business in Russia, dependent on international financial infrastructure and focused on working in global markets."

At the same time, recall that this is a bank that will be capitalized almost every year from state funds - which actively "disappear" when they are manipulated in foreign markets? Not the most patriotic strategy.

Over the past 12 months, most of VTB's liabilities - namely 84%, according to the banking analytics service "Analysis of Banks," were attracted funds. And the bank's assets for the most part consist of loans.

At the same time, a very unenviable position at VTB could have developed not because of the reasons voiced in the official prospectuses, but, for example, because of investments in, to put it mildly, unprofitable projects. For example, in 2019, VTB allocated Promsvyazbank loans in the field of state defense orders in the amount of 32.9 billion rubles.

Ananiev brothers. Photo: Denis Grishkin/Vedomosti

Recall that a criminal case was opened against his leaders of the Ananyev brothers on the embezzlement of more than 87 billion rubles, which were unlikely to return. The state bank also gave money to the already mentioned Otkritie.

Real estate investments with a benefit - but for VTB is it?

In addition, VTB invested in the projects of the scandalous developer PIK, which, it seems, is about to declare its own bankruptcy against the background of information about bankrupt "offshoots" of the corporation.

Kostin himself can invest in the Donstroy company - no less scandalous than PIK - delays in construction, collapses in houses, the tragedy with the fall of the elevator and other "delights" that can be imagined when it comes to a negligent developer.

The fact is that in the structures of the construction giant there are people who were related to VTB Bank, like the former vice president Alina Deryabina, for example. In addition, VTB is an official partner of Donstroy. The shares of the company's subsidiaries are often pledged by the bank.

The Moscow Post spoke in detail about all the details of a potential "partnership" with Mr. Kostin and suggested that he was preparing for himself a "calm old age" as head of the construction giant. And for this, VTB money can also be used. Is that why the bank lacks them so much?

In general, Kostin seems to like to invest in construction projects. VTB recently financed the creation of a complex of new buildings from the dubious developer Galaxy Group on the site of a park zone in Moscow, which may be associated with the head of Capital Group Pavel Tyo. The Moscow Post covered the story in detail.

Kostin is also a businessman

In addition, the Muflon company, which is engaged in the hotel business, is registered on Kostin himself. The legal entity is registered in Moscow. The cost of the company, according to the latest data, is at the level of 621 million rubles. There, too, you probably need to invest well like that.

Earlier Kostin also had a travel agency "Forian" - a unprofitable structure, in 2017 transferred to the management of "East Investments," registered on the offshore "VARGAS PROPERTIZ INC." From the British Isles. Kostin's share in the company was a simple 468 million rubles. And this is hardly his official salary.


And while Kostin is "having fun" with business and other investments, VTB is "emptying" and replenished at the expense of our taxes, and sites with reviews of the bank are full of angry messages. In them, accusations are poured towards the bank's managers, the structure of internal processes, the disclosure of customer data, and so on.


According to, in just a month, deposits of individuals decreased by 56 billion rubles, the bank's net profit fell by almost 100%, the bank's current liquidity ratio (N3) decreased by 20%. (The NZ regulates the risk of liquidity loss by the bank within 30 calendar days closest to the calculation date of the ratio and determines the minimum ratio of the amount of the bank's liquid assets to the amount of the bank's liabilities (liabilities) on demand accounts and with a maturity of obligations in the next 30 calendar days).


One gets the feeling that the "effective manager" Kostin has not worried about the fate of the bank for a long time, rather his attention may be turned towards how much more can be "pulled out" of this organization for his third-party projects.

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