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VTB Supervisory Council holds its meeting

 
15 July 2008

On 15 July 2008, the VTB Supervisory Council held its meeting at which Alexei L. Kudrin, Deputy Chairman of the Russian Government and Minister of Finance of the Russian Federation, was reelected Chairman of the VTB Supervisory Council.    

The VTB Supervisory Council also considered and approved the Regulation on VTB Bank Information Policy and the Regulation on VTB Bank Dividend Policy. 

The documents were developed within the framework of improving VTB Group's corporate governance according to the Code of Corporate Conduct recommended by the Federal Commission for Securities Markets (FFMS), and the VTB Code of Corporate Conduct, as well as international and Russian best practice in corporate governance.   

The Regulation on VTB Bank Dividend Policy is aimed at putting in place a transparent and clear mechanism of dividend decision-making, disclosing the amount, payment procedure and schedule. 

The VTB Bank Dividend Policy is based on the following key principles:

  • A balance between the interests of the Bank and its shareholders in defining the dividend amount;
  • Respect and strict observance of shareholders' rights as stipulated by the Russian Government and VTB by-laws;
  • Increase of VTB's attractiveness to investors as a major criterion of dividend policy efficiency.

The Regulation on VTB Bank Information Policy is aimed at undertaking a range of actions to disclose information to VTB shareholders, potential investors, media representatives and professional entities in the securities markets. These actions will help strengthen the favourable image of VTB as a transparent company.  

The VTB Bank Information Policy is based on the following principles:

  • Regular and timely information;
  • Impartial, full, true and consistent information;
  • Equal rights of all concerned parties to receive information subject to applicable legislation and regulations set by the current law and regulating authorities;
  • Rational balance between the Bank's openness and its commercial interests;
  • Voluntary obligations undertaken by the Bank to disclose additional information.

The documents will be placed on the Bank's website.

In 2008, the Bank is set to further improve its corporate governance.     

According to Andrey Kostin, President-Chairman of VTB Bank Management Board, "The documents approved today are strong evidence of the fact that VTB's activity is based on high international standards of corporate governance". 

 

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. VTB does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in VTB's projections or forward-looking statements, including, among others, general economic and market conditions, VTB's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to VTB and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of VTB or any of its subsidiaries, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB or any of its subsidiaries.
 
Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.


Enquiries:

Investor Relations:

Tel.: +7 495 775 71 39

Email: investorrelations@vtb.ru

Media Relations:

Tel.: +7 495 783 1717

Email:  pr1@vtb.ru

 

NOTES TO EDITORS

About VTB

JSC VTB Bank and its subsidiaries (the VTB Group or the Group) is a leading Russian banking group, offering a wide range of banking services and products across Russia, certain CIS countries and in selected countries of Western Europe, Asia and Africa.

As of December 31, 2007 the Group had a network of 583 branches located across Russia, comprised of 152 branches of VTB, 328 branches of VTB24 and 103 branches of VTB North-West. Outside of Russia, the Group operates through four subsidiary banks located in the CIS (Armenia, Georgia, Ukraine and Belarus), six subsidiary banks located in Europe (UK, France, Germany, Austria, Switzerland and Cyprus), one subsidiary bank and one financial company in Africa (Angola, Namibia), and an associated bank in Vietnam. VTB also has a presence in Singapore through a branch of its UK subsidiary. VTB has operated under a full banking license, № 1000, from the Central Bank of the Russian Federation since 1990.

The Group's business franchise is in the areas of corporate, retail and investment banking.  In corporate banking, the Group provides a broad range of commercial banking services and products including corporate lending, foreign trade transactions, syndicated loans, deposit and settlement services, as well as custody services, leasing and treasury services to large- and medium-sized corporations and financial institutions. In retail banking, VTB offers financial services, including deposit accounts, lending and certain ancillary services, to individuals and small-sized corporations.  In investment banking it provides debt capital markets underwriting, project financing, merger and acquisition financing, advisory services, asset management and venture funds.

The Group had 35,945 employees as of December 31, 2007.  The Government of the Russian Federation is VTB's main shareholder and owns, through the Federal Property Management Agency, 77.5 % of its registered share capital.  For more information please visit www.vtb.com


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