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VTB's Supervisory Council holds its meeting

 
17 October 2007

On 16 October 2007, VTB's Supervisory Council approved the proposal submitted by VTB's Management Board to further integrate the business of OJSC VTB Bank North-West into the VTB Group. In particular, the integration plan provides for maintaining the offer to buy out minority stakes in OJSC VTB Bank North-West for RUR 41.72 per share and/or swap them for VTB's shares at the conversion ratio of 1 to 361 as previously approved.

A formal offer is planned to be sent to minority shareholders of OJSC VTB Bank North-West.  The timeline for the offer will be announced in due course.

Also, the Supervisory Council has decided to open a VTB Bank Representative Office in the Republic of Kyrgyzstan.


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