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From Vneshtorgbank to VTB: a new VTB Group brand is officially launched in Ukraine

 
26 October 2006

On 26th of October, within the framework of a visit of VTB Management to Ukraine, a press conference was held to mark the launch of a new brand of the Bank Group - VTB.

Today, the VTB Group is the most dynamic banking group in Russia. It is playing a consolidating role in the post-Soviet space. Through developing its activities in the former Soviet republics, the VTB Group helps Russian companies strengthen their positions in the CIS markets, enhance trade and economic ties between the CIS countries, and stimulate their closer integration.

In order to ensure as fast as possible the convertibility of Russian Rouble and a wider use of the national currencies of the CIS countries in servicing their mutual trade turnover, the VTB Group has put forward a proposal to launch a single settlement and payment system for the CIS countries on the basis of its banking infrastructure which will use Russian Roubles and currencies of other CIS countries.

One of the priorities of the VTB Group is a further extension of its foreign subsidiaries` network in the CIS through acquisition of new banks in Kazakhstan, Belarus and Azerbaijan. Having implemented these plans, the VTB Group will become the first and the only lending institution in the world operating throughout the whole CIS space.

Through developing its activities in Ukraine, the VTB Group will enhance the efficiency of servicing Russian businesses in Ukraine, effecting foreign trade settlements, and implementing foreign trade cooperation programmes between Ukraine and Russia.

To expand operations of the VTB Group in Ukraine, a 100%-owned subsidiary bank of Vneshtorgbank was established in Ukraine in 2005 - JSC Vneshtorgbank (Ukraine). Its priority business line is to service large corporate customers of VTB. The plans to extend the product line and establish a needed banking infrastructure were implemented through the acquisition of Mriya Ukrainian commercial bank.

Actually, Mriya regional network covers the whole territory of Ukraine; it consists of about 180 outlets.

As of Q2 2006, the VTB Group banks in Ukraine are ranked 16th among the lending institutions of Ukraine in terms of aggregate assets. By 2008, VTB is set to join the top ten Ukrainian banks, and by 2011 - the top five. Presently, operating in the banking market of Ukraine the VTB Group is mainly concentrated on servicing large corporates, but in the near term the Bank will boost its retail business in Ukraine as well, including household lending (mortgage, auto lending, etc.), and in the mid-term we are set to extend out investment business.

An important step designed to further strengthen the VTB Group competitive edge in the banking market of Ukraine will be an integration of Vneshtorgbank (Ukraine) and Mriya Bank to start operating under the VTB brand.

At present, under the programme of strategic re-branding, a single brand will unite Vneshtorgbank and its subsidiaries in Russia, Europe, Asia and the CIS.


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