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VTB Bank (Georgia) increases authorised capital

5 September 2013

VTB Bank has purchased an additional issue of shares by VTB Bank (Georgia) totalling US$ 7.4 million, bringing its subsidiary’s authorised capital to US$ 96.5 million and its own stake from 96.31% to 96.59%.

The capital increase will support the continued solid growth of VTB Bank (Georgia), while the opening of three new branches scheduled for 2013 will increase the number of VTB sales outlets in Georgia to 26.

«VTB Bank (Georgia) is continuing to grow. Its assets to Georgian national accounting standards reached US$ 371 million as of 1 July 2013, a 37% increase over the first half-year of 2012. In the medium term the bank will focus on improving the quality of corporate services and on promoting the retail segment. The plan for the next few years is to increase the share of loans to SMEs. The bank will also expand its product line by introducing products offered by other VTB Group members, including factoring and leasing.»
Mikhail Yakunin,
Head of Financial Subsidiaries Division

For reference:

VTB Bank (Georgia) is one of the leading banks in Georgia, offering a wide range of banking services to companies and individuals. Deposits, corporate and consumer loans are the bank’s most popular products. VTB Bank owns 96.59% of the shares of VTB Bank (Georgia). Other shareholders include Lakarpa Enterprise Ltd. and a number of individuals.
VTB Bank, its subsidiaries and financial organisations (VTB Group) are leading Russian financial group, providing a wide range of financial and banking services in Russia, the CIS, Western Europe, North America, Asia and Africa. In Russia, VTB Group performs banking operations through one parent bank (VTB Bank) and five subsidiaries, the biggest of which are VTB24, Bank of Moscow and TransCreditBank. VTB Group’s financial subsidiaries operate on the securities market and provide insurance, leasing and factoring services as well as other financial services. Outside Russia, VTB’s banking chain includes 15 lending subsidiaries located in CIS countries (Armenia, Ukraine (two banks), Belarus (two banks), Kazakhstan and Azerbaijan), Europe (Austria, Cyprus, Germany, France, UK, and Serbia), Georgia, Africa (Angola), two offices in Italy and China, two VTB branches in China and India, and five VTB Capital offices in Singapore, Dubai, Sofia, Hong Kong and New York. As of 31 March 2013, VTB Group is Russia’s second biggest financial group by assets (RUB 7,602.8 billion) and customer deposits (RUB 3,727.9 billion). VTB’s main shareholder is the Government of the Russian Federation as represented by the Federal Agency for State Property Management, which owns 60.9% of the stock.

CIS, VTB Group

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