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VTB Group enhances its cooperation in the Kazakhstan market

 
25 May 2009

On 22 May 2009, VTB Bank (Kazakhstan) received banking license. 
 
The full name of VTB Group bank in Kazakhstan is Subsidiary Joint-Stock Company VTB Bank (Kazakhstan), abbreviated as SJSC VTB Bank (Kazakhstan). Its charter capital consists of 604.000 ordinary shares and amounts to KZT 6,040 million (USD 50 million). JSC VTB Bank holds a 100% stake in SJSC VTB Bank (Kazakhstan).

VTB's subsidiary bank in Kazakhstan is planning to operate in every market segment. Initially, the bank will focus on servicing corporate customers and financing foreign trade transactions. Later, VTB Group will develop retail business, investment banking and other business lines.

Andrey L. Kostin, VTB Bank President and Chairman, said: "VTB Group's expansion in Kazakhstan will strengthen cooperation between banking systems of the two countries. The new subsidiary in Kazakhstan is expected to enhance the efficiency of cash and settlement services for the bilateral trade and economic cooperation to the benefit of Russian and Kazakhstan companies".

VTB has been operating in the Kazakhstan market since early 2008. On 6 February 2008, VTB opened its representative office in Almaty, which served as a base for the future subsidiary bank. VTB obtained authorization of the Bank of Russia to open a subsidiary bank in Kazakhstan on 21 February 2008. The legal entity, SJSC VTB Bank (Kazakhstan), was registered in the Ministry of Justice of the Republic of Kazakhstan on 9 September 2008.


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