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Vneshtorgbank continues its expansion into the Northwest region

29 December 2005

On December 29, 2005, Andrey Kostin, Chairman and CEO of Vneshtorgbank opened a new office of the Bank in St. Petersburg. The office is located at 30, Bolshaya Morskaya and its opening was another step in Vneshtorgbank`s expansion into the Northwest federal constituency (NWFC).

Pursuing its development strategy, Vneshtorgbank continues to forge cooperation with authorities, enterprises and institutions of the region. Such policy will get a further boost now that the Bank`s Head Office has moved to St. Petersburg in October 2005 and Vneshtorgbank has acquired a controlling interest in Promstroybank which is a leader in the regional banking market. Presently, there are four branches of Vneshtorgbank operating in the region: in St. Petersburg, Vyborg, Kaliningrad and Vologda. Under its regional network development concept, the Bank is set to open six more branches in the near future, namely in Arkhanlskaya, Murmanskaya, Novgorodskaya and Pskovskaya regions, as well as in Karelia and the Republic of Komi.

Citing Andrey Kostin, Chairman and CEO of Vneshtorgbank, "the Northwest federal constituency is one of the most advanced and investment attracting regions of the Russian Federation, which well deserves its title of "Russia`s gate to Europe". The Bank`s expansion in the NWFC is among our strategic priorities underpinned by Vneshtorgbank`s legal transfer to St. Petersburg and acquisition of Promstroybank. The synergy of the two banks integration will help the VTB Group to further enhance its operations on the regional banking market and gain stronger leadership there".

At the official opening ceremony, Valentina Matvienko, Governor of St. Petersburg, emphasized that "Administration of St. Petersburg finds cooperation with Vneshtorgbank very helpful in approaching major tasks of social and economic development of the city. The Bank facilitates upgrading of many enterprises of machine- and shipbuilding industries, and channels investment into construction and trade. With VTB business and financial activities of St. Petersburg are sure to attain a principally new quality level".

Today, based on Cooperation Agreements, Vneshtorgbank has developed close business relationship with administrations of St. Petersburg, Leningradskaya, Arkhangelskaya, Kaliningradksaya and other regions of the NWFC. To ensure a boost to the social and economic development of the NWFC under the agreements signed, Vneshtorgbank is now financing a number of investment projects designed to increase economic performance of the constituency, to support local enterprises and to offer new workplaces.

Together with the administration of St. Petersburg, Vneshtorgbank is currently engaged in placing St. Petersburg bonds and also works closely with a number of municipal enterprises whose activities are of strategic importance for the social and economic infrastructure of the city. In particular, VTB has extended loans within large projects in the sphere of housing and communal services of the city. Among such projects is  construction of a heating main from the Northwest district heating plant to Primorsk boiler facilities. The Bank also finances projects of the St. Petersburg Water Channel state company aimed at perfecting the city water supply and constructing sewage disposal plants.

Vneshtorgbank`s sponsorship and charity activities in St. Petersburg have become traditional. Among major lines of VTB pro-active social policy is support to Mariinsky Theatre and the Russian Museum, as well as donations to socially deprived citizens of St. Petersburg.

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