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VTB completes the sale of the controlling interest in ZAO Novosibirskvneshtorgbank

 
24 September 2007

On 21 September 2007, VTB Bank completed the sale of its controlling interest in ZAO Novosibirskvneshtorgbank  (23,802 ordinary shares (99.56%) and 11,849 preferred shares (54.15%)) to entities controlled by East-European Finance Corporation (EEFC).

VTB decided to sell Novosibirskvneshtorgbank in line with its strategy to develop and optimize its regional network. VTB Group intends to expand its business in the region on the basis of the existing Novosibirsk-based branches of VTB and VTB 24. Therefore, VTB will handle corporate banking business, while VTB 24 will continue with its retail business operations, including services to small businesses.  VTB Group is planning to further increase its presence in this region in the medium term.

-ends-
 
Enquiries:
 
VTB     Tel: +7 (495) 739 77 99
Nataly Loginova   e-mail: InvestorRelations@vtb.ru
Irina Mokeeva
 
 
NOTES TO EDITORS
About VTB
 
VTB is a leading Russian universal banking group offering a wide range of banking services and products across Russia, certain CIS countries and selected countries in Western Europe, Asia and Africa. VTB is focused on providing banking products and services to Russian and CIS clients through its domestic and foreign operations and to foreign clients doing business primarily related to, or in, Russia and the CIS through its foreign banking subsidiaries and representative offices.
 
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