1 October 2012
VTB Bank has increased its stake in TransCreditBank (TCB) from 77.8% to 99.6% by purchasing stock from Russian Railways.
This follows the approval of the integration plan by VTB Group’s Management Committee in August 2011. The plan was developed in compliance with the shareholder agreement between VTB Bank and Russian Railways. Under it, TCB will be fully integrated into VTB Group in 2013.
“The consolidation of TransCreditBank not only expands VTB Group’s business franchise, but facilitates sharing best banking practices within the Group,” said Igor Piun, Senior Vice President at VTB Bank. “TCB is one of the best performing Russian banks, consistently demonstrating high shareholder returns, and we have every reason to believe that 2012 will similarly successful. We also want to mention that the acquisition of Russian Railways’ stake removes a number of legal obstacles to TCB’s integration into the Group’s business structure arising from the Shareholder Agreement.”
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