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VTB24 announces preliminary results of an offer for VTB North-West shares.

18 December 2007

VTB24 (CJSC), a retail bank of VTB Group, announced the preliminary results of an offer to exchange/acquire shares of OJSC Bank VTB North-West (VTB North-West).

Under VTB24 offer, from 15 November to 14 December, more than 10% of VTB North-West shares were acquired, more than half of them the shareholders preferred to exchange for the shares of OJSC VTB Bank, the rest - to sell at RUR 41.72 per share. During the specified period over 10 thousand of VTB North-West shareholders used the opportunity offered by VTB24.

For VTB North-West shareholders, who couldn't use the VTB24 opportunity to exchange/acquire VTB North-West shares under the offer, VTB24 made a decision to consider the issue of executing individual sale and purchase agreements from 19 December to 29 December 2007 in the offices of VTB North-West where the above agreements were signed.  However, agreements to exchange VTB North-West shares for VTB Bank shares can't be signed after 14 December 2007.

Final results of the offer will be announced on 24-26 December 2007. Following the results of the offer, a decision on further integration of VTB North-West into VTB Group will be additionally announced.  

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