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Andrey Kostin meets in Kiev with Ukrainian Prime Minister Yulia Timoshenko to discuss prospects of enlarging Vneshtorgbank's presence in Ukraine

20 August 2005

On August 20, Chairman of the Board and CEO of Vneshtorgbank Andrey Kostin met Prime Minister of Ukraine Yulia Timoshenko.

The parties of the meeting discussed economic cooperation between the two countries, particularly, prospects of enlarging business presence of VTB in Ukraine, its investment projects and possibilities for the Bank to acquire real estate under the privatization process.

Andrey Kostin shared with Prime Minister Yulia Timoshenko its plans related to the expansion of the Bank's activities in Ukraine. Thus, VTB is set to increase the share capital of its subsidiary Vneshtorgbank (Ukraine) up to ?40 million and to considerably extend its network. To this end, the Bank is thinking about purchasing a banking institute in Ukraine to enhance its retail business under the Vneshtorgbank 24 brand.

Prime Minister Timoshenko emphasized the importance of economic cooperation with Russia, in particular, she discussed prospects of establishing horizontally integrated industrial holdings. The best sphere for such holdings to operate is industrial sector, including aircraft building, gas turbine plants etc. Taking into consideration the recent purchase by Vneshtorgbank of the Perm Motors Company, it would be possible to apply the expertise and competence gained by this enterprise to launching such joint projects.

Also, Russian investments into the Autonomous Republic of Crimea, including recreation facilities, were also discussed.

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