On 24 February 2011, VTB Shareholders Council held its regular 9th meeting in Moscow. The meeting was attended by members of the Council, as well as by Vasily Titov, First Deputy President and Chairman of the Management Board, and by Mikhail Motorin, acting General Director of VTB Insurance, who answered shareholders’ questions.
Vasily Titov provided a detailed report on the results of the government’s 10% stake sale via SPO and on the course of transactions related to acquiring the Bank of Moscow and Transcreditbank. Mr. Titov also answered the questions asked by shareholders.
The Council also listened to the report delivered by Mikhail Motorin, acting General Director of VTB Insurance. The report was dedicated to the activity of the insurance company and its strategic priorities, which are closely connected to VTB Group 2010-2013 Development Strategy. Mr. Motorin mentioned that in 2010, VTB Insurance ranked 19th among Russia’s largest insurers, with a profit of RUB 1.6 billion. By 2013, the company intends to reach the 10th position in the market and increase profit almost 5 times. VTB Insurance will focus mainly on developing bancassurance.
Elena Popova, member of the Shareholders Council, reported on “Improving Financial Competence of VTB Shareholders”, stating that the Council is determined to continue holding meetings with shareholders in various formats.
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.