On 20 March 2006, Russian President Vladimir Putin received Andrey Kostin, head of Vneshtorgbank.
Andrey Kostin reported to the President on establishment of Vneshtorgbank international banking group, having the most diversified, among Russian banks, foreign network. It was expanded last year by joining St. Petersburg-based Promstroibank and Russian-owned banks abroad. Also, Vneshtorgbank`s CEO outlined VTB group results gained in 2005 with USD36 billion in assets, USD20 billion in the customer portfolio, and about USD500 million in net profit, exceeding a historical maximum.
The bank`s plans to further develop subsidiaries throughout the CIS area were discussed at the meeting. Andrey Kostin said that presently, under the strategy in implementation, Vneshtorgbank keeps expanding its business geography, which requires additional funding to be raised by entering the stock market. In this context, Andrey Kostin told the President about Vneshtorgbank`s IPO preparation in Russian and foreign-based exchanges to be held between 2006 and 2007, where part of the equity will be offered to the broad public.