VTB Bank together with VTB24 and the Support Fund for developing venture investment into SME in the scientific and technical sphere completed the forming of a venture closed-end mutual fund "Regional Venture Fund of Investment into SME in the Scientific and Technical Sphere of the Nizhniy Novgorod Region". The total volume of the Fund is RUR 280 million, with VTB share in the project amounting to 15%, that of VTB24 - 35%, and the Support Fund - 50%.
Till the end of November, it is planed to launch a similar fund in St. Petersburg worth RUR 400 million and in Saratov, worth RUR 280 million. VTB Bank, VTB24, and the Support Fund of St. Petersburg (and that of Saratov, accordingly) will act as establishers of these funds.
The trend to establish new venture funds demonstrates VTB's readiness to actively assist in developing the innovation sector of the Russian economy. It is absolutely in line with the development strategy of VTB Group investment business.