VTB Group intends to enter the Kazakh market as part of the Group's expansion of its presence throughout the CIS.
At the end of August, the Republic of Kazakhstan's Agency for Regulation and Supervision of Financial Markets and Financial Organisations took a decision to grant VTB Bank an approval to open VTB Bank (Kazakhstan).
VTB plans to launch its new subsidiary in January 2009 with authorised share capital of USD 50 million.
VTB has been in the Kazakh market since the start of 2008. In February, VTB opened a representative office in Kazakhstan, which is now operating as a project office of the subsidiary.
VTB Group considers the CIS market to have great potential for business development. VTB intends to extend its footprint into the CIS via its subsidiary network growth and further acquisitions. Today, VTB Group is represented in the CIS countries by JSC VTB Bank (Ukraine), CJSC VTB Bank (Belarus), CJSC VTB Bank (Armenia), and JSC VTB Bank (Georgia).