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VTB Bank increases its stake in JSC VTB Bank (Georgia)

13 March 2009

Following an agreement with Zaza Sioridze and Anton Ingorokva, minority shareholders of JSC VTB Bank (Georgia), JSC VTB Bank has completed the purchase of 7.13% of shares, thus increasing its stake in JSC VTB Bank (Georgia) to 84.68%.

At the same time, the Extraordinary General Meeting of JSC VTB Bank (Georgia) shareholders granted a request from Zaza Sioridze and Anton Ingorokva to terminate their powers as members of the Supervisory Council.

Some other changes to the Supervisory Council were also made at the meeting: Nikolai Kuznetsov and Alexander Yastrib, both VTB Senior Vice Presidents, were replaced by Elena Narozhnaya, Deputy Head of VTB CIS Banks Coordination Division and Natalia Konovalova, Senior Vice President and Director of VTB24 CIS Retail Business Coordination Division.

Evgeniy Nemerinskiy, Alexander Yashnik, Octavian Costas retained their powers as members of JSC VTB Bank (Georgia) Supervisory Council.

At the Supervisory Council session, which took place after the Shareholders Meeting, Evgeniy Nemerinskiy, Vice President and Head of VTB CIS Banks Coordination Division, was elected its Chairman, and Elena Narozhnaya was elected Deputy Chairman.

For reference:

Evgeniy Nemerinksiy was born in 1969 in Tomsk.
In 1994, he graduated from Tomsk Polytechnic University with a degree in Oil and Gas Geology. In 2006, he graduated from International Institute of Economics and Law with a degree in Economics.
In 1995-2004, he worked for Small Business Fund of the European Bank for Reconstruction and Development as Chief Credit Expert and Bank's Adviser on Small Business Lending Program.
In 2004-2007, he was employed as Vice President and Director of Credit Division of VTB24 Small Business Customer Relations Department.
Since September 2007, he managed JSC VTB Bank (Georgia) as General Director and President.
In August 2008, he was elected member of JSC VTB Bank (Georgia) Supervisory Council.
In September 2008 he became Head of VTB CIS Banks Coordination Division.
He is currently a Supervisory Council member of several VTB Group subsidiary banks.

VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in 18 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 30 September 2008, VTB was the second largest financial group in Russia in terms of assets (USD 113 bln.) and in terms of customer accounts (USD 52.575 bln.).  VTB is among the top three national retail banks with a network of 981 outlets in Russia and the CIS.  In 2008, VTB launched its Investment banking business, which operates in Moscow, London and Singapore.

JSC VTB Bank (Georgia) (known as JSC United Georgian Bank until December 2006) became a member of VTB Group in 2005. Today, VTB holds a 84.68% stake in JSC VTB Bank (Georgia).
The bank is among Georgia's top five banks in terms of assets. Its regional network currently consists of 26 outlets in all regions of the country.

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