VTB delays Wildberries deal again as contract talks drag on

VTB has once again postponed its deal with RWB, the company that owns the Wildberries marketplace, along with the additional share issue meant to finance the partnership. The parties are still negotiating the agreement to buy shares in WB Bank and other fintech assets of the group, and no closing date has been set.

According to VTB First Deputy Chairman Dmitry Pyanov, a few issues remain to be settled and put into legal form. He said the sides are actively finalizing the purchase agreement, which contains a number of mutual guarantees, so the main reason for the delay is the negotiation of terms. Pyanov stressed that the bank's management expects the deal to close but gave no date.

The share issue is stuck behind the deal

To fund the partnership, VTB must carry out an additional share issue, which its shareholders have already approved. Before placement, corporate procedures must be completed, including offering existing shareholders a pre-emptive right to buy the new shares. Pyanov explained that placement starts with announcing that right, and if it is not announced in the first week of a month, completing the issue within that month is unlikely.

The placement price was set at 87 rubles per share. Since then, VTB stock has lost more than 40%. On 17 September it fell to 49.4 rubles, its lowest level this year, and on 28 October it traded at about 58 rubles on the Moscow Exchange, roughly a third below the planned price. In July, VTB chief Andrey Kostin cited a recommended issue size of 314 billion rubles and did not rule out that RWB would take part.

What the partnership covers

VTB and RWB announced their strategic partnership in May 2026. In the first stage, the state-owned bank would acquire at least 5% of WB Bank, with the option to raise its stake later, and minority stakes in other fintech assets. VTB originally hoped to close by the end of summer 2026, but the timeline has slipped several times.

Cooperation is already under way. WB Bank customers can withdraw cash and top up cards without fees at VTB ATMs, with free withdrawals capped at 500,000 rubles a month. VTB has also launched a pilot discount program: paying for Wildberries purchases with a VTB card gives up to 6% off, capped at 3,000 rubles a month.