On 4 October 2010 VTB’s Supervisory Board approved the phased acquisition of 100% of TransCreditBank. By year end 2010, VTB will acquire a majority stake of TransCreditBank from Russian Railways and other minority shareholders. The acquisition includes TransCreditBank and all its subsidiary businesses including leasing, factoring (JSC TransCreditFactoring) and investment businesses (TKB Capital).
The Supervisory Board has set the purchase price equal to the ratio of no more than 2.2 of TransCreditBank’s adjusted
VTB Group President and Chairman of the Management Board, Andrey Kostin, said, «The acquisition of TransCreditBank is in line with both VTB’s strategic plan to grow the Bank’s market share in Russia and Russian Railways’ objective of growing the range of banking services available to the Russian railway sector.»
JSC VTB Bank and its subsidiaries (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 June 30, 2010 the Group had a network of 935 offices located across Russia, the CIS and Europe, of which VTB24 retail offices totalled 480. The Group operates outside Russia through 12 bank subsidiaries, located in the Commonwealth of Independent States (CIS) (Armenia, Ukraine, Belarus, Kazakhstan and Azerbaijan), Europe (Austria, Cyprus, Germany, France and Great Britain), Georgia, Africa (Angola) and through 3 representative offices located in Italy, China and the Kyrgyzstan and through 2 VTB branches in China and India and 2 branches of VTB Capital Plc in Singapore and Dubai. 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 spans 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
The number of Group employees as of 30 June 2010 was 40,981. The Government of the Russian Federation is VTB’s main shareholder and owns, through the Federal Property Management Agency, 85.5% of its registered share capital.