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VTB Group, the Government of St.Petersburg and Fraport AG sign the Memorandum of Understanding (MOU)

16 July 2009

On July 16 VTB Group, the Government of St. Petersburg and Fraport AG Frankfurt Airport Service Worldwide (Fraport AG) signed the Memorandum of Understanding (MOU) in frames of Russian – German interstate consultations in Munich. The signing ceremony with participation of Andrey L. Kostin, VTB Bank President and Chairman of the Management Board, Valentina Matvienko, Governor of the City of St. Petersburg, and Wilhelm Bender, CEO of Fraport AG, was attended by both heads of state – Dmitry Medvedev, President of Russian Federation, and Angela Merkel, Chancellor of the Federal Republic of Germany.

The MOU aims at development of Pulkovo airport, main gateway of St. Petersburg, to make it the international world class hub. The MOU was signed following the results of the open tender for the right to conclude an agreement on the development, reconstruction and operation of Pulkovo airport, the fourth largest in Russia. Northern Capital Gateway Ltd. Consortium consisting of VTB Capital, Fraport AG (and Copelouzos (investment and business group, Greece) was officially declared as the winner of the tender on June 25, 2009.

The tender bid submitted by the consortium led by VTB Capital has been recognised as the best based on a combination of technical, legal and financial criteria. The Northern Capital Gateway consortium will build and put into operation a new modern passenger terminal complying with to the highest international standards. The existing airport’s infrastructure will also be reconstructed. Providing the top class service to both passengers and airlines will be the key target for the consortium for the entire 30 years of the concession.

Andrey Kostin, President and Chairman of the Management Board, VTB Bank, said: “The MOU signing that was attended by the Governors from Russia and Germany is one of the key steps in project’s development. The initiative is of strategic importance for the Russian economy. The Pulkovo project will enable the development of St Petersburg as a world business and touristic centre, facilitate investment flows and strengthen international affairs of Russia.”

Yuri Soloviev, President and Global CEO at VTB Capital, added: “The Pulkovo project is the first large scaled Public Private Partnership in Russia and we will do our best to lead it to success. VTB Capital has the expertise and all the resources necessary to successfully manage infrastructure projects in Russia and abroad in current market environment.”

For reference:

VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in 18 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 30 September 2008, VTB was the second largest financial group in Russia by assets (USD 113 billion) and by customer accounts (USD 52.574 billion). VTB Group is among the top three national retail banks with a network of 981 outlets in Russia and the CIS. In 2008, VTB launched its Investment Banking business – VTB Capital, which operates from Moscow, London, Singapore and Dubai offices. More detailed information is available at:

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