OREANDA-NEWS. October 20, 2011. Further to some inaccurate reports in media, VTB Press Office informs that VTB’s regional optimization program will allow to cut its network costs by 20-25% in 2013, reported the press-centre of VTB.

VTB is planning to reduce workforce in its regional branches from 5,500 to 4,000 employees.

SC VTB Bank and its subsidiaries (banks and financial companies) comprise an international banking and financial group – VTB Group – which offers a wide range of services in Russia, the CIS, West Europe, Asia and Africa.

Within Russia, VTB Group major business lines lie in three companies – JSC VTB Bank (corporate banking), CJSC Bank VTB 24 (retail banking) and CJSC VTB Capital Holding (investment banking).

Besides, among the Group subsidiaries are: VTB Leasing, VTB Development, VTB Insurance, VTB Pension Administrator, MultiCarta Ltd., VTB Debt Center, VTB Factoring, VTB Specialized Depository and VTB Registrator.

VTB Group network consists of 957 outlets in Russia, the CIS and Europe. VTB 24 is in charge of the Group’s retail banking within Russia, and beyond it the Group operates through:

12 subsidiary banks located in the CIS (Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan), in Europe (Austria, Cyprus, Germany and France), in Georgia, in Africa (Angola), and in Vietnam;

Two VTB Bank representative offices – in Italy, and China;

Two VTB Bank branches – in China, and India.

As of 30 June  2011, VTB Group is ranked the second largest financial group in Russia in terms of assets (RUB 4,290.9 bln) and customer accounts (RUB 2,212.9 bln).

VTB Bank’s major shareholder is the Government of the Russian Federation having in the face of the Federal Property Management Agency 75.5% of the share capital.

In October 2010, the Bank celebrated its 20th anniversary and is now continuing its robust growth. Under the 2010-2013 Development Strategy the Group is set to enhance its capitalization and significantly increase return on equity.