Vneshtorgbank has bought a 50%+2 share stake in the Industry and Construction Bank, 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. The first stage of the deal - acquiring 25%+1 share stake in PSB - was effected in March 2005. Thus Vneshtorgbank`s total interest in the authorized capital of Promstroybank has reached 75%+3 shares.
Citing Andrey Kostin, Chairman and CEO of Vneshtorgbank, "the Northwest federal constituency (NWFC) is presently one of the high priority directions of the VTB Group expansion. Acquisition of Promstroybank fits well with our development strategy, since it is the only regional commercial bank among the top ten core financial institutions of Russia with a network comprising 54 branches, 38 of which are based in the NWFC".
With Promstroybank integrated in the VTB Group and the synergy achieved through the integration, the VTB Group will gain stronger leadership in the regional market. With this aim in view, a boost will be given to current business of the two banks to further enhance customer base in the region. Presently, PSB has more than 90 thousand corporate customers and more than 1.6 million individual customers. Now that Vneshtorgbank has acquired PSB, customers of both financial institutions can enjoy high profile services of one of the largest Russian banks and have an access to a wider range of financial services provided by a country-wide network of offices in accordance with internationally accepted standards.