OREANDA-NEWS. October 06, 2010. VTB’s Supervisory Board approved the phased acquisition of 100% of TransCreditBank. By year end 2010, VTB plans to acquire the majority stake of TransCreditBank from Russian Railways and other minority shareholders. The acquisition includes TransCreditBank and all of 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 tier-one capital by the end of 2010.

VTB Group President and Chairman of the Management Board, Andrey Kostin, states, "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 to enhance the range of  banking services offered to the Russian railway sector".


About VTB:

JSC VTB Bank and its subsidiaries (the 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, CIS and Europe, of which VTB24 retail offices totaled 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 Kyrgyz Republic 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 medium-sized corporations and financial institutions. In retail banking, VTB offers financial services, including deposit accounts, lending, debit and credit cards and transaction services to individuals and small-sized corporations. In investment banking it provides equity and debt capital markets underwriting, project financing, merger and acquisition financing, advisory services, asset management and venture funds.

The number of employees of the Group at 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.