The FINANCIAL — VTB Bank has finalized VTB Bank North-West’s reorganization and consolidated it into its structure. As a result of the legal procedures VTB North-West Regional Center was established on the basis of former VTB Bank North-West Head Office.
North-West Regional Center’s main responsibilities include enhancing VTB Group’s corporate business in the North West region of Russia. The regional center is independent to run its own pricing policy to promote lending.
The Regional Center supervises VTB Bank’s branches in St. Petersburg and the Leningrad Region, as well as in Arkhangelsk, Vologda, Pskov, Kaliningrad, Novgorod, Murmansk, Kirov and the Republic of Karelia.
According to Ekaterina Petelina, member of VTB Management Board, “it was a complicated and large-scale project. We are proud of saving VTB North West Bank’s professional team as well as reaching substantial growth in the region. Our successful experience makes VTB more confident in terms of new M&A deals”.
“VTB North West’s experience, efficiency, flexibility and in-depth knowledge of regional customers together with VTB’s investment resources and technologies will definitely improve customer relations in the North West,” says Denis Bortnikov, VTB Bank’s Senior Vice President and Head of North-West Regional Center.
VTB North West integration is currently the largest merger project in the Russian banking market. The estimated economic efficiency will amount to RUB 500-700 million per year.
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