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VTB consolidates 100% ownership of Belarusian subsidiary

 
30 January 2014

© photoexpress.ru

VTB Group has bought the 2.63% stake in VTB Bank (Belarus) owned by minority shareholders, increasing its stake to 100%.

In 2013, VTB bought a 25.95% stake in the bank from the Belarusian government.

Senior Vice President Mikhail Yakunin, head of the group’s Financial Subsidiaries Division, said: "We are pleased to have completed the consolidation process. VTB Group plans to actively develop its Belarusian subsidiary. We are now finalising an increase in the share capital of VTB Bank (Belarus) of US$ 37 million, which will strengthen the bank’s positions in the retail and corporate investment segments. We also aim to expand our regional network in Belarus, and this year we intend to open three new branches, increasing the total number of VTB outlets in Belarus to 296."


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