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VTB and Ernst&Young hold a seminar under the IMF Board of Governors session

13 October 2008

On 11 October 2008, within the annual IMF and the World Bank Board of Governors session a seminar  was held in Washington DC, USA, to discuss  "Competition for Capital. New Markets. New Leaders." The seminar was organized by VTB Bank and Ernst&Young with informational support provided by the Institutional Investor Magazine and RBC media holding.

The event's participants included Alexei Kudrin, Deputy Prime Minister and Minister of Finance of the Russian Federation, Andrey Kostin, President and Chairman of VTB Bank Management Board, James Terley, Ernst&Young Chairman and CEO, Thomas Mirow, EBRD President, and a number of leading experts and analysts.

The discussion covered a wide range of issues on global capital market turmoil and functioning of the Russian economy under these circumstances. Ivan Ivanchenko, head of Investment Strategy Department at VTB Capital, pointed out in his speech that the current situation was above all rooted in the forced withdrawal of the leading international investors from financial assets, including those in the emerging markets. "Investors today seek to protect liquidity and reduce the risk on their own investments", he said. 'At the same time, the RF Government reaffirmed its readiness to facilitate liquidity in the Russian financial sector and to make compensation for the lack of private capital through investment into industry. That is why, although the growth rates are expected to slow down considerably next year, the consequences of such reduction are sure to be greatly alleviated by the actions taken by the Government", Ivan Ivanchenko noted.

At the end of a round table session Andrey Kostin, President and Chairman of VTB Bank Management Board, said: "Today, we are making every effort to preserve system stability in the Russian economy and to minimize the consequences of the ongoing crisis, considering strategic tasks of supporting mid- and long-term growth of the Russian economy. I am sure that Russia will endure and strengthen its position in the world economy despite the current turmoil."

James Terley, Alexei Kudrin, Andrey Kostin, Thomas Mirow

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VTB Group

VTB Group is a leading Russian financial group with a strong history tradition in Russia and the CIS, and a presence in 17 countries around the world. The Russian Government is VTB`s majority shareholder, with a holding of 77.5%. 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 108.8.2 bln.) and by deposits (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.
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VTB Capital, VTB Group Investment Business ( operating from offices in Moscow. London, Singapore focuses on arranging operations in the debt and equity markets, advising customers on ECM and M&A deals in Russia and abroad and developing private investment, as well as operations on the global commodities markets and asset management. VTB Capital Head Office is located in Moscow.

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