Vneshtorgbank strikes the balance for its subsidiaries and affiliates based abroad. Over the period starting 01.07.2004 to 01.07.2005, their consolidated assets grew almost twofold and reached US$6.1 billion, with shareholders` equity amounting as of 01.07.2005 to US$692.4 million against US$ 580.8 million posted a year ago. In H12005, the aggregate profit of VTB Group foreign banks grew 91% y.o.e. and approximated US$37.2 million.
Expansion of customer-oriented business of VTB Group foreign banks also continued at a remarkable pace. Thus, the aggregate volume of customer loans grew more than threefold to reach US$3.1 billion, with customer account balances exceeding US$800 million.
Presently, VTB Group includes 6 subsidiaries based in Zurich (Switzerland), Limassol (Cyprus), Vienna (Austria), Kiev (Ukraine), Tbilissy (Georgia), and Erevan (Armenia); and associated banks in Frankfurt-on-Main (Germany) and Luxembourg. In pursuit of its Development Strategy, Vneshtorgbank is set about further diversifying the geographic spread of the VTB Group members through reaching out to the EU states and CIS in order to establish a network of its lending subsidiaries strategically committed to further expansion in international markets, customer base diversification and customer service quality enhancement.
Particularly, Vneshtorgbank intends to expand its foreign banks` network in the EU countries through acquiring participations in Moscow Narodny Bank, London (88,89%), Commercial bank for Northern Europe - Eurobank, Paris (87,03%), Ost-West Handelsbank, Frankfurt-on-Main (51,62%), Donau-bank, Vienna (15%), East-West United Bank, Luxembourg (15%).