MTS Plans to Reduce Stake in MTS Bank After Additional Share Issue

MTS to Decrease Stake in MTS Bank

Russia’s leading mobile operator, MTS, has announced its intention to decrease its ownership in its financial technology subsidiary, MTS Bank.

Reduction in Ownership Percentage

The company’s current stake in MTS Bank may decrease from 99.82% to 80.55% following an additional issuance of 7.2 million shares in the bank, as stated by MTS.

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MTS Bank’s Future Plans

Reports from sources close to the matter suggest that MTS Bank is considering an initial public offering in spring 2024. The IPO could potentially raise up to 15 billion roubles ($161.99 million).

Financial Update

With the exchange rate at $1 = 92.5955 roubles, MTS is strategically navigating its financial investments to adapt to market changes and opportunities.