VTB increases stake in TransCreditBank to 99.6%

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The FINANCIAL — VTB Bank increased its stake in  TransCreditBank to 99.6% from 77.8% .

 

The FINANCIAL — VTB Bank increased its stake in  TransCreditBank (TCB) to 99.6% from 77.8% by purchasing stock from the Russian Railways.

 

This follows VTB Group’s Management Committee approval of the integration plan in August 2011. As VTB Bank reported, the plan was developed in compliance with the shareholder agreement between VTB Bank and the Russian Railways. In accordance with the integration plan TCB will be fully integrated into the VTB Group in 2013.

"The consolidation of TransCreditBank not only expands VTB Group’s business franchise, but facilitates sharing best banking practices within the Group," Igor Piun, VTB Bank’s Senior Vice President, said. "TCB is one of the best performing Russian banks, consistently demonstrating high level of shareholder return, and we have all reasons to believe that the year of 2012 will similarly successful. We also want to mention that the acquisition of the stake from the Russian Railways waives a number of legal obstacles for TCB’s integration into the Group’s business structure arising from the Shareholder Agreement".

 

 

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