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VTB Debt Center launched

12 February 2009

VTB Group's new structure, VTB Debt Center Ltd., has started its operations. The company was established to optimize bad debt handling for VTB Bank and to deal with VTB Group members' debts.

The Debt Center is currently formalizing relations with VTB Group subsidiaries, while VTB Bank's bad debt has already been handed over to the Center. Taking into account the existing economic environment and financial difficulties suffered by many business structures, the Debt Center will also manage the assets transferred to the Group members for debt repayment.

VTB Bank holds a 100% interest in the new structure. The Board of VTB Debt Center Ltd. is headed by Andrey Puchkov, Deputy Chairman of VTB Bank Management Board. It also includes Nikolai Tsekhomsky, and Evgueny Novikiov, both Members of the Bank's Management Board, and Denis Zemlyakov, Head of Bad Debt Division. Petr Tyukov, former Deputy Head of VTB Bad Debt Division, was appointed General Director of the new company.

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