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VTB Group bank continues its dynamic development in the Republic of Belarus

10 July 2007

ZAO Slavneftebank continues to strenghten its positions in the banking sector of the Republic of Belarus. JSC VTB Bank (Russia) acquisition of ZAO Slavneftebank controlling interest (50% + 1 share) in April 2007 became a significant contribution to its dynamic development.

Slavneftebank's authorised capital and its equity increased twofold to BYR 40.2 billion and BYR 108.5 billion, respectively. Today, Slavneftebank is among the top 6 largest banks of the Republic of Belarus in terms of its authorised capital.

During the first half of 2007, the Bank's assets increased more than two times and reached BYR 948.4 billion. The Bank's profit has exceeded BYR 8.6 billion.

Slavneftebank's development strategy stipulates large-scale projects implementation, a wide spectrum of banking services, retail business development,  openness for business community not only in the Republic of Belarus, but also in international financial markets. Today, the Bank is getting ready to be rated by the international rating agency Fitch Ratings.

According to Vladimir Ivanov, Slavneftebank Chairman of the Board, VTB Group presence in Belarus is a result of favorable investment climate in the Republic and will faclitate the flow of large foreign investors into the economy of the country.

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