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VTB continues to streamline its Western European operations

 
25 December 2007

On 21 December 2007, VTB Austria acquired equity stakes of European subsidiaries of VTB Group  - VTB Germany and VTB France - from VTB Europe. The deal was made in accordance with VTB Bank Supervisory Council resolution to centralize VTB Group corporate business in Europe under its subsidiary bank - VTB Austria.

In order to finance the deal, VTB injected additional capital into VTB Austria in the amount of EUR 140 million, and also granted it a subordinated loan of EUR 200 million.

The transfer of VTB Germany and VTB France equity stakes under VTB Austria will enable VTB Group to effectively coordinate its corporate business in Europe. Meanwhile, in accordance with the Investment Business Development Strategy of VTB Group, the investment banking operations will be developed under VTB Europe.


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