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VTB meets its minority shareholders within the financial literacy program

13 December 2010

On 11 December 2010, in Moscow, the Russian Union of Borrowers and Depositors together with the Consultative Council of JSC VTB Bank held a meeting with VTB minority shareholders. It’s the second time the meeting has been held in such a format this year, which is reflective of the need for such communication of all the parties involved. More than 180 minority shareholders of JSC VTB Bank from Moscow and the Moscow Region participated in the meeting.

The meeting was held within the federal program aimed at enhancing households’ financial literacy. Its major goal was to explain to the minority shareholders the basics of private finance management in the securities market. Addressing the shareholders were Vladimir Tarachev, Chairman of the Consultative Council, Sergey Gavrilov, a State Duma deputy, member of the Consultative Council, Mikhail Sukhorukov, head of the Krasnoznamenskoye division of the Russian Union of Borrowers and Depositors, and Sergey Nikolaev and Pavel Egorov, representatives of VTB24 Investment Department. The speakers told about basics of financial and banking systems in Russia, commented joint-stock companies’ legislation and major risks inherent in share investment, and gave examples of successful private investment portfolio. They also answered shareholders’ questions related to brokerage and depository services. Special attention was paid to the Bank’s relationships with minority shareholders. Citing Sergei Gavrilov, "a clear, effective and absolutely transparent mechanism is put in place at VTB Bank to communicate with its shareholders, which allows the minority shareholders to get exhausting information about VTB operations, as well as make proposals and control the implementation of the decision based on them".

Ekaterina Petelina, member of JSC VTB Bank Management Board, also participated in the meeting through a video-conference. She spoke of sustained growth in VTB financial indicators and a record profit gained for the nine months of the current year. Ekaterina Petelina also commented the results achieved within the 2013 Development Strategy of the Group. In 2011, she added, VTB Bank plans to initiate a new dividend policy based on the profit of the Group as a whole, not only VTB Bank.

Ekaterina Petelina assured the shareholders that VTB Group has been constantly enhancing the efficiency of its outlets, which is of special importance because of the growing number of its customers. Over the past two years VTB customer flow has increased twofold to 132,000 customers a day. To further improve customer services, VTB24 will continue to install special automated systems “Electronic Queue”. In the coming year, VTB24 will have about 100 of its offices open for any transaction 7 days a week, which is absolutely new for the Russian market.

As a New Year present, VTB24 offered special discounts to its customers. Thus, until 31 December, mortgage rate in Rubles is reduced to 9% per annum, and for customers from Moscow and the Moscow Region – to 8% per annum, in Rubles. The bank has lifted all commissions. Recognizing the importance of such meeting format between the minority shareholders and VTB executives, the Bank has scheduled 8 meetings for 2011, which will primarily be held in the regions where at least 1,000 shareholders of the Bank reside.

For reference: 

Vladimir Tarachev is Chairman of VTB Shareholders Consultative Council. Doctor of Economics, Professor of Securities Department at the Financial Academy under the Government of the Russian Federation. Chairman of the Real Sector Lending Committee of the Association of Russian Banks, Member of banking councils of the Council of Federation of the Federal Assembly of the Russian Federation, and the RUIE. State Duma deputy of the 2, 3 and 4 convocations. 

Sergey Gavrilov is a member of VTB Shareholders Consultative Council. Deputy Chairman of the State Duma Transport Committee. Candidate of Science, in economics. State Duma deputy of the 5 convocation. 

Mikhail Sukhorukov is head of the Krasnoznamenskoye division of the Russian Union of Borrower and Depositors (Moscow). He was Deputy General Director of the Insurance Business School and has gained in-depth expertise in finance planning and consulting. Published more than 50 articles in specialized financial editions.

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