Vneshtorgbank bought a 25%+1 share stake in the Industry and Construction Bank (Promstroybank), St. Petersburg. The deal is a logical follow up of the prior arrangement reached by Promstroybank's shareholders and Vneshtorgbank in Memorandum on Acquiring PSB Shares signed by the parties in September 2004.
Both Vneshtorgbank and PSB shareholders are interested in fostering the deal and making an arrangement allowing Vneshtorgbank to buy another 25% stake in Promstroybank and get the total interest of 75%.
When effected, the deal will enable the two banks to considerably consolidate their competitive strengths in servicing enterprises and households in the Northwest federal constituency. It will also enhance the VTB Group development and help the Bank implement its strategic goal to get transformed into a universal bank of European dimensions.