VTB Group and Rostec have announced that they will become Banco Privado Atlantico’s shareholders.
VTB Capital, the investment arm of VTB Group, will become Atlantico’s shareholder through a combination of cash and equity swap, whereas
The combined team of the new bank, which will operate under the Banco Privado Atlantico brand, will offer the full range of services, including corporate, retail, and investment banking products. The deal is expected to be closed by
The transaction includes the signing of a joint development and cooperation arrangement between VTB Group, Rostec and Banco Privado Atlantico covering various activities, including banking and investment banking services in Angola and other African countries.
The announced deal highlights the strategic importance of the Angolan economy and growth potential of its banking and natural resources sectors. This transaction marks a new important step for both VTB Group and Rostec Corporation to strengthen their position in Angola and for further business developments in
«For many years, VTB has been growing its business in Africa. The region is attracting increasing attention from international and Russian companies. I believe if our shareholders approve the deal, the combined bank will be able to prove its investment potential in Africa and will allow all parties in the deal to substantially expand their business in Angola and neighboring countries».
VTB President and Chairman of the Management Board
Sergei Chemezov, CEO of Rostec Corporation, said: "This deal is a highly important step in the promotion of Russia’s international economic interests. It creates the necessary prerequisites for the strengthening of our mutually beneficial cooperation with Angola. We see strong synergy in the utilization of regional market expertise provided by our partners, and the application of Rostec’s competences in various local economic sectors."
Carlos Silva, Chaiman and CEO of Banco Privado Atlantico, said: «Banco Privado Atlantico and its clients will benefit from the merger with VTB Africa and the partnership with VTB Group and Rostec by not only increasing its capacity to offer a global reach to our Angolan clients, but also by introducing our services and strong franchise to a broad range of international investors. In today´s dynamic world with