The registration was made after VIB announced its business results for the first 10 months.

The bank recorded a profit of $351.5 million during the period, up 44 per cent against last year. It plans to pay cash dividends of up to 35 per cent.

The purchase is aimed at a long-term investment and transactions are slated to be conducted from November 18 to December 17 according to the method of order matching and agreement.

If he fails to buy the shares, he will still own a total of 10.68 million shares, increasing his ownership ratio from 0.436 per cent to 0.507 per cent.

Closing the trading session on November 14, the price of VIB shares reached 70 US cents apiece. This is among the lowest price seen for several months despite the bank announcing $351.1 million in profits, up 44 per cent year-on-year, and achieving 109 per cent profit for 2021.

The bank also reported additional income from some cooperation agreements that will be completed in 2022 and is expected to exceed $423.2 million in profits this year.