On August 25, 2009 VTB Bank and the shareholders of DON-Stroy group signed a memorandum of agreement, which provides the Bank with the right to acquire 50% plus one share of ZAO DON-Stroy Invest, after receiving preliminary consent from the Federal Antimonopoly Service of Russia.
Upon completion of the transaction, ZAO DON-Stroy Invest will be the holding company of the group companies carrying out residential development projects. As the main creditor and financial partner, VTB will restructure the current debts of DON-Stroy to the Bank, and may also provide additional project financing.
The transaction is expected to be completed by January 15, 2010.
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JSC VTB Bank and its subsidiaries (the VTB Group or the Group) is a leading Russian banking group, offering a wide range of banking services and products across Russia, certain CIS countries and in selected countries of Western Europe, Asia and Africa.
As of March 31, 2009 the Group had a network of 980 branches located across Russia, CIS and Europe, of which VTB24 retail branches totaled 480.
Today outside of Russia, the Group operates through six subsidiary banks located in the CIS (Armenia, Georgia, Ukraine, Belarus, Azerbaijan and Kazakhstan), five banks located in Europe (Austria, Germany, France, UK and Cyprus), one subsidiary bank and one financial company in Africa (Angola, Namibia), and an associated bank in Vietnam. VTB also has a presence in Singapore through a branch of its UK subsidiary as well as branches in India and China. VTB has operated under a full banking license №1,000 from the Central Bank of the Russian Federation since 1990.
The Group`s business franchise is in the areas of corporate, retail and investment banking. In corporate banking, the Group provides a broad range of commercial banking services and products including corporate lending, foreign trade transactions, syndicated loans, deposit and settlement services, as well as custody services, leasing and treasury services to large- and medium-sized corporations and financial institutions. In retail banking, VTB offers financial services, including deposit accounts, lending and certain ancillary services, to individuals and small-sized corporations. In investment banking it provides debt capital markets underwriting, project financing, merger and acquisition financing, advisory services, asset management and venture funds.
The Group had 41,427 employees as of March 31, 2009. The Government of the Russian Federation is VTB`s main shareholder and owns, through the Federal Property Management Agency, 77.5 % of its registered share capital.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. VTB does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in VTB`s projections or forward-looking statements, including, among others, general economic and market conditions, VTB`s competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to VTB and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of VTB or any of its subsidiaries, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB or any of its subsidiaries.
Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.