Annual report 2011 - VTB

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VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)43. Capital Management and Capital Adequacy (continued)Capital adequacy ratio in accordance with the Basel Capital Accord 1988The Group’s objectives when managing capital is also to maintain a sufficient capital base to achieve a capitaladequacy ratio based on the Basel Accord above 8%. The Group’s international risk based capital adequacy ratio,computed in accordance with the Basel Accord guidelines issued in 1988, with subsequent amendments including theamendment to incorporate market risks, and modified as stated below, during 2010 and 2011 exceeded the minimumrequired level and as at 31 December 2011 and 2010 was 13.0% and 16.8% respectively.The components of computation of capital adequacy ratio were as follows:31 December201131 December2010Tier 1 capital 509.0 546.9Tier 2 capital 245.4 214.8Less: deductions from total capital (21.0) (21.7)Total capital 733.4 740.0Risk weighted assets 5,655.9 4,413.2Tier 1 capital ratio 9.0% 12.4%Capital adequacy ratio 13.0% 16.8%44. Subsequent EventsIn February 2012, CBR registered an additional share issue of “TransCreditBank”, JSC that increased its sharecapital to RUR 2.6 billion. The Group purchased 334,373,607 shares of the additional issue at price of RUR 22.69 pershare and increased its share in “TransCreditBank”, JSC to 77.86%.In March 2012 “VTB Dolgovoi centre”, CJSC was reorganized in “VTB Dolgovoi centre”, LLC according to the Group’sdecision.In the first quarter of 2012, “Bank VTB 24”, CJSC placed previously bought-back Series 2 RUR-denominated bonds inthe total amount of RUR 6.6 billion.In February 2012 a number of VTB Group entities introduced to its selected employees the equity-basedremuneration plan (the “Plan”). The Plan represents a contingent right of those employees to receive common shares(“Shares Plan”) or GDRs (“GDRs Plan”) of VTB Bank (depending on the employing entity’s country of incorporation)after a specified period of time. The vesting conditions envisage that an employee remains in service for three yearsto receive the full amount of the shares award. The awarded shares vest gradually in three equal installments overthe vesting periods of approximately one, two and three years, subject to employee’s continuous employment with theGroup during the relevant vesting period. An award, or portion of it, may be forfeited if the employee terminatesemployment before the end of the relevant vesting period voluntarily or subject to certain other conditions asdescribed in the Plan rules.The total value of the award granted subsequent to the reporting date and up to the date of approval of these financialstatements comprised RUR 1.4 bln for the Shares Plan and USD 0.03 bln. (ca. RUR 1.0 bln) for the GDRs Plan. Thenumber of shares and GDRs granted under the Plan comprised 19.6 mln shares and 7.1 mln GDRs, respectively.In March 2012, the Group made an offer to repurchase ordinary shares of the Bank from the shareholdersparticipated in 2007 IPO of the Bank at the price of RUR 0.136 and maximum number of 3,676,471 shares from oneeligible shareholder. The offer has expired on 13 April 2012. The payments to eligible shareholders, who hasaccepted the offer, will be executed by the end of April 2012 and will be finally completed in June 2012.In January 2012, the Group obtained 100% control in "Sistemapsys S.a.r.l." by purchasing additional 50% forRUR 1.3 billion.In January 2012, VTB placed RUR 10 billion series BO-07 local bond issue maturing in 2015 with 7.95% p.a couponrate and 1 year put option.In March 2012, VTB placed RUR 10 billion series BO-03 and BO-04 local bond issue maturing in 2015 with 8% p.a.coupon rate and 2 years put option.97
VTB BankNotes to the Consolidated Financial Statements – 31 December 2011 and 2010(in billions of Russian Roubles)44. Subsequent Events (continued)In April 2012, VTB placed USD 1.5 billion Series 15 Eurobonds under EMTN Programme 2 with maturity in 2017 anda fixed coupon rate of 6% p.a.In February 2012, “VTB Bank”, PJSC (Ukraine) bought back Series C bonds in total amount of UAH 277.6 million(RUR 1.0 billion).In the first quarter 2012 “VTB Capital”, Plc has issued short and medium term notes in the outstanding amount ofUSD 219.6 million (RUR 6.5 billion) under USD 5.0 billion EMTN programme maturing in 2012, 2013 and 2015.In February 2012, the Group obtained 84.91% controlling share in "Russian National Commercial Bank", OJSC bypurchasing additional 45.11% for RUR 0.4 billion from the third parties which are not related to the Group.In March 2012, the Group made a voluntary offer to purchase ordinary shares of “Bank of Moscow”, OJSC fromselected current shareholders of “Bank of Moscow”, OJSC at the price RUR 1,108.65 per share. Maximum number ofshares to be purchased by the Group from these selected current shareholders should not exceed the number ofshares owned by these selected current shareholders at the date when the Group has purchased 46.48% “Bank ofMoscow”, OJSC in February 2011. The offer has expired on 15 April 2012. At the moment the Group is analyzing thenumber of offer acceptances received and the results of the offer. The Group expects that the share of non-controllinginterests acquired as the result of the offer would not exceed 0.03% of total number of shares of “Bank of Moscow”,OJSC.98
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VTB Annual Report 2011Statement of
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VTB Annual Report 20111. Financial
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VTB Annual Report 20113. The econom
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Today, about 16 million individuals
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VTB Annual Report 20118. 8. Выд
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VTB Annual Report 201111. Other Gro
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VTB Annual Report 201112. Sharehold
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VTB Annual Report 2011144VTB places
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VTB BankConsolidated Financial Stat
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Annual report 2011 - VTB

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