24 July 2003
A meeting was held on June 21, 2003, between Andrey Kostin, VTB President and C.E.O., and Peter Voike, Executive Vice President of the International Finance Corporation (IFC).
In the meeting, practical implementation of the decision adopted by the IFC Board of Directors on granting a mid-term corporate loan facility and its further conversion into added issue of Vneshtorgbank stock, and the meeting of Mr. Voike with the Russian Prime Minister, Mikhail Kasianov, were discussed.
Specific lines of cooperation between Vneshtorgbank and ICF in mortgage, support to Russian small- and medium-size businesses, and financial leasing development were outlined.
The Parties confirmed their willingness to continue working on the facility agreement. It is understood that enhanced investment cooperation between VTB and IFC will contribute to VTB ever-increased market value and more investment attractiveness. In the course of the meeting, attention was drawn to the fact that elevated coordination is advisable between Vneshtorgbank prospected investors.
Mr. Kostin urged that concentration of a big stake into sole investor ownership should be avoided and Vneshtorgbank should be kept as an independent national financial institution aimed at meeting priority goals in favor of domestic social and economic development.
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