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Head of VTB, Andrey Kostin discusses Vneshtorgbank’s development prospects with Prime Minister Mikhail Fradkov

11 April 2006

On April 11, 2006, Russian Prime Minister Mikhail Fradkov received Andrey Kostin, Chairman and CEO of VTB.

During the meeting, the parties discussed the current state and challenges facing the Russian financial industry. A special emphasis was placed on the need to increase capitalization of the Russian banking system. In this context, Andrey Kostin told Prime Minister about Vneshtorgbank’s plans to make initial public offering of its shares. «When approved by the Bank’s major shareholder, the Russian government, the first sale of its shares to public investors will allow Vneshtorgbank to raise additional resources for its corporate development and to achieve the European level. Besides, such a large-scale initial public offering, primarily targeted at Russian investors, mainly households, is sure to become a benchmark event for the whole national banking sector,” – said Andrey Kostin.

Also, Andrey Kostin spoke about Vneshtorgbank’s activities aimed at implementing the strategy of expanding the Bank’s subsidiary network in the CIS, which Prime Minister approved. Under this strategy, Vneshtorgbank has continued to increase its presence in the post-soviet space, with its four subsidiary banks already operating there. In future, the VTB Group will be represented in all CIS nations.

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