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VTB Group completes merger of TransCreditBank into VTB24

 
31 October 2013

VTB Group completes merger of TransCreditBank into VTB24.

The merger of TransCreditBank into VTB24 will be completed on 1 November 2013.

VTB24 expects to boost its financial performance by integrating TransCreditBank into its structure. On 1 November 2013, the merged bank’s loan portfolio will grow 10%, while liabilities will increase more than 5%. VTB24’s active client base will expand by 2 million, and the lender’s head count will reach 35,000 people. VTB Group’s retail branch will gain a footprint in 97 new cities and 3 new regions of Russia (Khakassia, Dagestan and the Jewish Autonomous Region). VTB24’s retail network will grow to 1,023 branches and 10,000 ATMs across the VTB Group.

Starting from 1 November, VTB24 will serve employees of Russian Railways as part of the payroll scheme. The railway monopoly’s 900,000 employees will switch from TransCreditBank to VTB24, constituting the largest payroll programme ever operated by the bank.

The integration will also give TransCreditBank’s clients access to new lending products, including car loans and VTB24’s premium packages (Prime, Privilege and Priority). VTB24’s customers will also be offered new products and services, such as state-subsidised mortgage loans, P2P money transfers, etc.

VTB Group President and Chairman of the Management Board Andrey Kostin said: "Retail banking is one of   key business segments. I am confident that the merger with TransCreditBank will substantially improve VTB24’s position on the Russian market. The opportunities created by this acquisition will enable VTB24 to attract new clients and offer existing customers a wider range of products and services."

VTB24 CEO and Chairman of the Board Mikhail Zadornov said: "Following the merger we will continue to offer all the main services that TransCreditBank clients have come to expect from their bank. The bank’s retail chain will be expanded and upgraded. The number of ATMs will reach 11,500 by the end of the year. Our clients will benefit from an expanded range of products. Furthermore, the merged bank will serve employees of the railway system and related companies."

TransCreditBank President and Chairman of the Management Board Dmitry Olyunin said: "The merger of two strong banks like VTB24 and TransCreditBank is a unique and large-scale project for the Russian market. Despite the significant changes that we were implementing, TransCreditBank continued to develop its business and remained a dynamic player on the market. At the time of the merger, our retail portfolio reached RUR 130 billion. TransCreditBank’s network of 259 banking outlets will be added to VTB24’s retail chain. In addition, VTB24’s client base will increase by 20% on the back of the TransCreditBank merger."


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