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VTB Africa office opens in Angola

4 September 2006

An office of the joint Russian-Angolan bank Banco VTB Africa SA (VTB Africa) was opened on 2 September 2006 in Luanda, Angola, within the framework of an official visit paid by the Russian Foreign Minister Sergey Lavrov to Angola.

Sergey Lavrov, Angolan Foreign Minister JoГЈo Bernardo de Miranda and VTB Senior Vice President Oleg Muradyan took part in the opening ceremony.

Sergey Lavrov expressed confidence that В«activities of the Bank will not only contribute to inflow of Russian projects to Angola and implementation of joint projects with Angolan businesses, will not only assist in enhancing the national banking sector of Angola, but also will deliver banking services to businesses both from Angola and other African nations.В»

Banco VTB Africa SA is the first bank in the history of Angola with predominant foreign participation. Vneshtorgbank’s shareholding in the Bank will be 66% and Angolan shareholders will own the remaining 34%. The Bank is going to start its operations in the near future after required procedures are completed under Angolan law.

According to Oleg Muradyan, В«establishment of Banco VTB Africa SA will favour consolidation and further development of Russian-Angolan trade and economic relations, promoting a broader range and better quality of services carried out by VTB Group in African financial market, and increasing Russian presence in the continent.В»

Corporate and investment business development in the region will be a priority line of activities of Banco VTB Africa SA. Russian companies focused on their business development in Angola and other Southern African nations are scheduled to be main customers of the Bank in subsoil mining and processing, power engineering, telecommunications, construction and trade. In addition, the joint Russian-Angolan bank will handle financial flows of major Angolan enterprises such as Sonangol state-run oil company, Endima state-run diamond mining company, and deliver financial services to global corporations operating in the African market.

Establishment of Banco VTB Africa SA is a further step forward to enhanced VTB Group presence in African continent. In this July, with Vneshtorgbank’s support a joint Russian-Angolan company VTB Capital (Namibia) (PTY) Ltd. was established with a view to invite Russian business and attract investments to Namibian market and Southern Africa to implement jointly most interesting and promising projects in the region. VTB’s shareholding in VTB Capital (Namibia) is 50% + 2 shares.

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