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VTB Head Andrey Kostin attends Shareholders Consultative Council

21 October 2010

On 20 October 2010, VTB Shareholders Consultative Council held its 7th meeting attended by Andrey Kostin, President and Chairman of VTB Management Board, Vasily Titov, First Deputy Chairman of VTB Management Board and Vladislav Kudinov, Chairman of the General Council of the Russian Union of Borrowers and Depositors.

At the meeting the members of the Council approved Vladislav Kudinov’s proposal to hold regular joint meetings of representatives of the Russian Union of Borrowers and Depositors and members of the Consultative Council with VTB shareholders. The meetings will be held under the federal program to increase the households’ financial literacy and to explain to minorities the fundamentals of private finance management in the securities market. The first meeting of this kind will take place on 23 October 2010 in Yekaterinburg. Later on, similar meeting are planned to be organized in large regional centers, where more than 1,000 VTB shareholders reside.

VTB Shareholders Consultative Council has approved an action plan for 2011. According to the plan, the Council will continue to hold regular meetings of its members with the Bank’s leadership, and will organize monthly Doors Open Days in Moscow shareholders’ centre. As in the previous year, the Council will participate in preparing and holding VTB General Shareholders Meeting and developing new favorable products for VTB shareholders. Eight meeting of the Council members with shareholders are planned for 2011 in large Russian cities. Besides, the Council decided to create a separate website.

Answering the Council members’ questions about the Bank’s privatization, Andrey Kostin emphasized that selling VTB stocks held by the Government wouldn’t dilute the shares of its minorities. He also said that VTB leadership will do its best to raise the Bank’s capitalization in the interests of its shareholders.

For reference:

VTB Shareholders Consultative Council is an independent body established in 2009 at the initiative of VTB Bank minority shareholders. The Council consists of 10 members proposed by the independent jury and elected by voting. Vladimir Tarachev, Co-chairman of the Consumers Union of Russia, heads the Consultative Council. The first meeting of the Council was held on 30 July 2009.

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