OREANDA-NEWS. December 08, 2010. Referring to incorrect information in the market concerning VTB Group proposed acquisition of TransCreditBank we would like to clarify that:

VTB Supervisory Board decided on October 4th to set the purchase price at a ratio of no more than 2.2 times TransCreditBank’s adjusted tier-one capital by the end of 2010.

The final price will thus be determined after the yearend capital has been confirmed by auditors and any adjustments made.

For reference purposes only:
TransCreditBank’s IFRS tier-one capital at 9m’2010 was RUB 24.7 billion.