On 14 March, 2012 VTB Bank held a workshop meeting with its minority shareholders in Yekaterinburg, which became the second meeting of this kind held in the Sverdlovsk region, while the last similar event was held in October 2010. The primary objective of the meeting’ was to enhance shareholders awareness of VTB Group’s activity and VTB Bank’s shares.
About 200 shareholders, residents of the region, attended the meeting. Representatives of VTB Bank and its subsidiary VTB24 addressed the shareholders and discussed the most urgent issues of VTB Group’s development.
Vasily Titov, First Deputy President and Chairman of the Management Board of VTB Bank told the minority shareholders about VTB Group’s financial performance and current activities, and answered their questions via videoconference. Andrey Volchik, VTB Bank’s Yekaterinburg Branch Manager, presented exhaustive data on the regional subdivision’s performance in 2011.
The shareholders were also informed on the functions of VTB Bank’s Supervisory Council, rules and regulations of brokerage and custody service, and preferential products and services offered to VTB Bank shareholders.
One of the central issues of the workshop was VTB Bank’s share buyback program from the minority shareholders launched on 12 March, 2012. The participants of the meeting were provided with detailed information on key parameters, terms, and timing of the buyback.
Elena Popova, VTB Shareholders Consultative Council member, emphasized: “It is very important for the bank to maintain on-going communication with its shareholders and provide them with all the required information, including such important issues as the share buyback. I am sure that in the current situation the decision to buy back the shares, which is now being implemented by VTB Group, is a correct and reasonable step, which also has large social importance and in many ways offsets the unsuccessful experience of many shareholders, who participated in VTB Bank’s IPO”.
Under the Information Transparency Policy, VTB Bank holds regular meetings with its shareholders in various Russian cities and towns. Twenty two meetings were held in 2011, including workshops and Doors Open days. More than 25 events with shareholders are scheduled for 2012.
Meetings and workshops are organized to enhance minority shareholders’ awareness of VTB Group’s performance and to discuss most urgent issues with the bank’s management. Such meetings are usually attended by representatives of JSC VTB Bank, VTB24, VTB Insurance, and members of JSC VTB Bank Management Board.