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VTB and the Medsi Companies Group sign a Cooperation Agreement

28 February 2008

VTB Bank and ZAO Medsi Companies Group have entered into a Cooperation Agreement aimed at long-term mutually rewarding partnership in implementing healthcare projects.  
The Agreement was signed by Guennady Soldatenkov, VTB Deputy Chairman and Vladimir Gurdus, General Director of the Medsi Companies Group.
Under the Agreement, the Medsi Companies Group will invite VTB as a credit institution in the sphere of banking services. In addition to standard services, VTB will participate in financing current business and healthcare projects implemented by the Medsi Companies Group.
Today, VTB and the Medsi Companies Group are considering an opportunity for the Bank and its subsidiaries to finance a number of projects to establish a network of medical clinics on the territory of Russia.

For reference:
ZAO Medsi Companies Group is 100% owned by AFK Sistema. Sistema comprises the Medsi clinic in Derbenevskaya Naberejnaya (office medicine), ZAO Medsi (clinic for adults), OAO Medsi-II (clinic for children), OOO American Hospital Group (a family clinic operating under the "American Medical Centres" brand for VIP clients and foreigners, ZAO Family Medicine Corporation (FMC) (attending doctors and 24 hours dispatchers), and ZAO MedExpress (23 clinics in Moscow and the regions, and an ambulance service in Moscow). In the near future, all assets are to be integrated into the Holding of the Medsi Companies Group. Thus, the Holding will comprise 14 Moscow and 12 regional clinics. Within the development strategy by 2011 it is planned to establish a net of 100 clinics with unified standards, formats and brand. In 2006, the proceeds of the Medsi and the Medsi-II amounted to USD 17 million, American Hospital Group - USD 6 million, FMC - USD 12 million, and MedExpress - USD 21 million.

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