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VTB Supervisory Council approves preliminary measures for Bank of Moscow financial support

1 September 2011

On 31 August 2011, in accordance with Agreement for Bank of Moscow financial support between Deposit Insurance Agency, VTB Bank, VTB Debt Center and VTB Pension Administrator the VTB Bank Supervisory Council approved two related party transactions.

The transactions include the sale of VTB Bank’s stake of 46.48% in Bank of Moscow to VTB Debt Center, a 100% subsidiary of VTB Bank and the increase by VTB capital VTB Pension Administrator by RUB 102 billion. This capital increase is the first step in VTB Groups commitment to provide Bank of Moscow with additional capital through a share issue.

 We are consistent in fulfilling our obligations for Bank of Moscow financial support 

Andrey Kostin

These transactions represent preliminary stages in the Bank of Moscow financial support plan. For organisational and technical reasons corporate approvals were requested for both transactions simultaneously but the initial support plan timeline remains unchanged.

According to Andrey Kostin, President and Chairman of VTB Bank Management Board, “We are consistent in fulfilling our obligations for Bank of Moscow financial support. We have reached principal agreement with shareholders to consolidate at least 75% stake in this financial organization and I am confident that the measures taken by the government and VTB will provide future stability of Bank of Moscow.”

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