VTB has purchased an additional issue of VTB Belarus shares for USD 32 million, raising the Belarusian subsidiary’s capital to the equivalent of USD 72 million.
This equity increase will enable the bank to consolidate its position on the local market in the retail, corporate and investment banking segments.
“This capital injection opens up additional opportunities for VTB to grow and develop its business in new directions in Belarus. In the first 11 months of 2014, the subsidiary bank’s credit portfolio grew 18 percent. The bank’s development strategy for 2014-2016 calls for the expansion of its presence on the Belarusian market,” said Mikhail Yakunin, senior vice president and head of the Financial Subsidiaries Division.