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VTB Group successfully completes integration of Bank of Moscow

 
10 May 2016

© photoexpress.ru

On May 10, 2016, VTB Bank successfully completed the integration of Bank of Moscow. VTB will fulfill all of Bank of Moscow’s obligations to its customers under the terms of the reorganisation.

As a result of the integration VTB Bank commences servicing retail customers and small businesses as part of Retail global business line. Retail banking at VTB Bank will focus on innovative, high-tech products and services. The new product range will retain its competitive edge and be fully consistent with the high quality of VTB’s offering.

VTB Bank has absorbed Bank of Moscow's core business, which amounts to approximately 70% of BoM’s assets worth over RUB 900 billion according to IFRS. As a result of this transaction, more than 10 million retail, small business and corporate customers became clients of VTB Bank.

Former branches of Bank of Moscow will become branches of VTB Bank and will continue operating as usual.

Following the merger, there will be no changes to account numbers already held with Bank of Moscow. The provision of products and services will continue under the existing terms and conditions, and therefore there is no need for customers to renew current agreements.

For the convenience of our customers, the Bank of Moscow logo will continue to appear along with the VTB Bank logo on retail branch signs and promotional products in the near future.

In the medium to long term, the transition to a single brand and banking platform will strengthen the overall competitive position of VTB Group.



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