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.