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VTB signed a Memorandum with the Russian Ministry of Defense and St.Petersburg Government

20 December 2008

On 20 December in Smolny, a trilateral agreement was signed between JSC VTB Bank, the St.Petersburg Government and the Russian Ministry of Defense.

The agreement was signed by Anatoly Serdukov, Minister of Defense of Russia, Valentina Matvienko, Governor of St.Petersburg and Andrey Kostin, VTB President and Chairman of the Management Board.

The parties agreed to make joint efforts to create a joint educational and scientific centre of the Russian Navy in the Kronstadt Region in St.Petersburg. Under the project, training premises, technological parks, as well as sport facilities are to be constructed. Also, new houses, multifunctional shopping and leisure centers, and hotels will be built for navy cadets, students and their families. The new buildings will blend in with the historical image of the Kronstadt.

Establishment of the center is among the core tasks of the Russian Ministry of Defense. Implementation of the project will help to improve the system of military education within the armed forces reform held in Russia.

The St.Petersburg Government has actively supported the project. Valentina Matvienko, Governor of St.Petersburg said, "Armed forces reform is a large-scale task of the Russian Ministry of Defense. Establishment of large educational and scientific centers is a sound step in the reform. And the fact that one of them will appear in the Kronstadt, which has been a "talent foundry" for the Russian army and fleet, a "cradle" of military science throughout its history, will contribute to further development of the region on the whole, which is so important nowadays. Renovation of the Kronstadt is a huge social task of the project under which repair works, reconstruction of roads and infrastructural items will be held and as a result thousands of new work places will appear. Renovation of historical buildings will also allow to revive its historical role in preserving cultural traditions and restoring the Kronstadt as a centre of naval fame".

VTB Group actively participates in solving the strategic tasks of the city development and in investment projects and programs, which are of particular importance for social, economic and cultural development of St.Petersburg. Andrey Kostin, VTB President and Chairman of the Management Board said, "VTB has maintained long-term partnership with both the Ministry of Defense and St.Petersburg. Entering into this agreement we realize the VTB Group will participate in a very important process of underpinning the security of Russia, strengthening its defense capability and renovating the Kronstadt, which has always been one of the symbols of national fleet power".

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