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VTB enhances cooperation with Dynamo Sports Society

 
25 June 2007

Pursuing long-term state strategy to develop physical culture and sport, as well as to enhance cooperation with Public and State Association Dynamo Sports Society, VTB intends to participate as investor in financing reconstruction and renovation of the Central Dynamo Stadium. Relative arrangements were made by the Parties within the cooperation agreement signed between VTB and Dynamo Sports Society in July 2006.

Petrovsky Park project stipulates complex reconstruction of the Big sport arena, football manege and other sport objects located on the territory of the Dynamo Stadium, as well as construction of a multifunctional Petrovsky Park complex.  

According to Igor Zavyalov, Deputy Chairman of VTB Bank and Chairman of the Board of Directors of ZAO Dynamo Management company, the volume of VTB investment in this project can amount to USD 1 billion. VTB Group investment company, which will be established especially for this purpose, will finance the project. 

The Board of Directors of ZAO Dynamo Management company decided to engage in the project on a competitive basis leading international and Russian companies, having experience in implementing large-scale projects on modern multifunctional complexes establishment.

VTB's active support helps Dynamo Sports Society to efficiently solve both current and strategic tasks on building modern sport and economic infrastructure that contributes to strengthening and developing not only Dynamo society, but also all Russian sport and physical culture.


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