Within the framework of Russian President Dmitry Medvedev's meeting with Cyprus President Demetris Christofias, a Cooperation Memorandum was signed between VTB Bank and the Cyprus Stock Exchange, as operator of the Cyprus Central Depository/Registry. The Memorandum provides for a joint commission on implementing projects in the Russian and Cypriot securities markets, including depositary receipts issue.
Citing Andrey Kostin, VTB President and Chairman of the Board, "the agreements achieved on issuing depositary receipts for securities of Cypriot companies, some of which are running business in Russia, will promote development of the Russian market and Moscow as a global financial center".
For reference: VTB Group is a leading Russian financial group with a wealth of experience in Russia and the CIS, and a presence in 17 countries around the world. The Russian Government is VTB`s majority shareholder, with a 77.5% holding. The remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and VTB`s global depositary receipts are traded on the London Stock Exchange. VTB offers a wide range of services in corporate, retail and investment banking in Russia, some other CIS states and a number of countries in Western Europe, Asia and Africa. As of 1 April 2008, VTB was the second largest financial group in Russia by assets (USD 108.8. bln.) and by customer accounts (USD 44.6 bln.). VTB is among the top three national retail banks with a network of 1001 outlets in Russia and the CIS. In 2008, VTB launched its investment banking business, which operates from Moscow, London and Singapore.