Streamlining its operations in Western Europe subsidiaries, JSC VTB Bank has completed the disposal of its 100% holding in Russische Kommerzial Bank AG (Switzerland) to Gazprombank OJSC.
The deal was approved by regulatory authorities of Switzerland.
Russische Kommerzial Bank AG was established in 1992 in Zurich. It is focused on commercial lending, Russian project finance and international trade. As of 31 December 2008, Russische Kommerzial Bank AG assets amounted to CHF 2.4 billion, loans and other funds provided to customers – CHF 1.8 billion, with share capital at CHF 101 million.
VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in more than 20 countries around the world. The Russian Government is VTB’s majority shareholder, with a 77.5% holding. The remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and VTB’s global depositary receipts are traded on the London Stock Exchange. VTB offers a wide range of services in corporate, retail and investment banking in Russia, some other CIS states and a number of countries in Western Europe, Asia and Africa. As of 31 December 2008, VTB was the second largest financial group in Russia by assets (USD 126 billion) and by customer accounts (USD 37.5 billion). VTB Group is among the top three national retail banks with a network of 1020 outlets in Russia and the CIS. In 2008, VTB launched its Investment Banking business – VTB Capital, which operates from Moscow, London and Singapore offices.