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VTB announces start of dealing in its ordinary shares in Russia

25 May 2007


For Immediate Release

May 25, 2007


VTB announces start of dealing in its ordinary shares in Russia

JSC VTB Bank ("VTB") today announces that dealing in its ordinary shares on the MICEX and RTS in Moscow, Russia, under the symbol "VTBR" will commence on May 28, 2007 following the registration of the placement report with the CBR.

Admission of Global Depositary Receipts ("GDRs"), each representing an interest in 2000 ordinary shares, to the Official List of the UK Listing Authority, and dealing of the GDRs on the London Stock Exchange under the symbol "VTBR", took place on May 17, 2007.

- Ends -


Nataly Loginova    
Irina Mokeeva
Tel: +7 (495) 739 77 99
Citigate Dewe Rogerson
Andrew Hey
Toby Moore
Marina Calero
Tel: +44 20 7638 9571


About VTB

VTB is a leading Russian universal banking group offering a wide range of banking services and products across Russia, certain CIS countries and selected countries in Western Europe, Asia and Africa. VTB is focused on providing banking products and services to Russian and CIS clients through its domestic and foreign operations and to foreign clients doing business primarily related to, or in, Russia and the CIS through its foreign banking subsidiaries and representative offices.

It is the second largest banking group in Russia by assets, total loans and total deposits. As of December 31, 2006, the VTB Group had $52,403 million in total assets and $6,992 million in total equity (including minorities) and generated $2,810 million of operating income for the year ended December 31, 2006, including $1,745 million of net interest income and $351 million of net fee and commission income, which grew at an annual increase of 92% and 109%, respectively. The VTB Group achieved a record net profit of $1,179 million (including minorities) for the year ended December 31, 2006.
VTB was established in 1990 as the Bank for Foreign Trade of the Russian Federation. Since that time, VTB has, through organic expansion and selected acquisitions, transformed itself into a universal banking group with a strong presence in Russia and an expanding presence in the CIS and elsewhere.

Despite this expansion, the Group`s Russian banking business continues to represent a significant majority of its activities. VTB has four subsidiary banks in Russia, one subsidiary bank in each of Armenia and Georgia, one subsidiary bank in Belarus, two subsidiary banks in Ukraine, six subsidiary banks in Western Europe (in the United Kingdom, France, Austria, Germany, Cyprus and Switzerland) and one subsidiary bank in Angola.  VTB also has an associated bank in each of Luxembourg and Vietnam, as well as representative offices in China, India, Belarus and Italy and a branch of VTB Europe in Singapore. The VTB Group recently rebranded the majority of its subsidiaries so that ``VTB`` now forms part of their names. As of December 31, 2006, the VTB Group operated its banking business in Russia through 524 branches (including sub-branches and outlets).

Already an established leader in Russian corporate banking, VTB has recently achieved faster than market growth in the attractive Russian retail banking sector, where it is focused on the growing, higher margin upper mass and affluent retail customer segments. It increased loans to individuals and deposits to individuals at 2004-2006 CAGRs of 341% and 86%, respectively, both at a faster pace than the overall Russian banking sector and than that of other top Russian banks during the same period.

Prior to the Global Offering, the Russian Federation, acting through the Federal Property Agency, owned 99.9% of VTB's ordinary shares, and continues after the Global Offering to be, the controlling shareholder of the VTB Group. 

The VTB Group has three principal areas of business:

  • Corporate banking, which provides a broad range of commercial banking services and products, including corporate lending, foreign trade transactions, syndicated loans, deposit and settlement services, as well as custody services to large and medium-sized corporations and financial institutions;
  • Retail banking, which provides financial services, including deposit accounts, lending and certain ancillary services, to individuals and small-sized corporations; and
  • Investment banking, which provides debt capital markets underwriting, project financing and advisory services, merger and acquisition financing and advisory services, portfolio management services and also manages the Group's proprietary trading activities.

*  *  *

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. VTB does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in VTB's projections or forward-looking statements, including, among others, general economic conditions, VTB's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to VTB and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of VTB, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB.

This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia), Australia, Canada, Japan or Russia. This press release is not an offer for sale of any securities in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933.  VTB has not registered and does not intend to register any portion of any offering of securities in the United States or to conduct a public offering of any securities in the United States.

This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons").  Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.

Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia. The GDRs have not been and will not be registered in Russia and are not intended for "placement" or "public circulation" in Russia.

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