EQS-Regulatory: VTB Supervisory Council decides to merge VTB 24 (PJSC) into VTB Bank (PJSC)
Mittwoch, 02.11.2016 20:10 von DGAP
JSC VTB Bank / Miscellaneous - Medium Priority
VTB Supervisory Council decides to merge VTB 24 (PJSC) into VTB Bank (PJSC)
02-Nov-2016 / 20:08 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EquityStory.RS,
LLC - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Press release
2 November 2016
VTB Supervisory Council decides to merge VTB 24 (PJSC) into VTB Bank (PJSC)
At the meeting of VTB Supervisory Council on 2 November 2016, the Council
voted to merge the Group's retail banking arm VTB24 into VTB Bank.
VTB24 will be integrated into VTB Bank in accordance with the VTB Group's
strategic objective to unite the Group's Russian banks on a universal
platform.
The merger of VTB24 into VTB Bank will help optimise the structure of the
Group's retail business in the Russian market, centralising management
functions, cutting marketing and advertising costs, unifying the integrated
banks' operating models and IT systems, and creating synergies from the
merger of regional networks. This will enable VTB Group to achieve
significant cost reductions.
The integration will involve developing a completely new system for
interaction between the Group's global business lines - Corporate-
Investment Banking, Mid-Corporate Banking, and Retail business - within a
single organisation. This will enable the Group to implement joint
strategic initiatives of global business lines and increase the Group's
overall financial performance.
The merger between VTB24 and VTB Bank is expected to be completed by the
end of 2017.
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Language: English
Company: JSC VTB Bank
12, Presnenskaya emb.
Moscow
Russia
Phone: +7 (495) 739-77-99
Fax: +7 (495) 739-77-99
E-mail: info@vtb.ru
Internet: www.vtb.com
ISIN: US46630Q2021
Listed: Foreign Exchange(s) London
Category Code: MSCM
TIDM: VTBR
Sequence Number: 3560
Time of Receipt: 02-Nov-2016 / 20:08 CET/CEST
End of Announcement EquityStory.RS, LLC News Service
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