Russia’s VNESHTORGBANK (VTB) is to create a branch network in all of the CIS, said Andrei Kostin, VTB President and CEO. VTB recently closed a deal to buy the Ukrainian MRIA bank, expected to change its name to VTB UKRAINE. Presently, VTB has subsidiaries in Armenia and Georgia. It also plans to open a branch in Azerbaijan some time soon. Its further plans call for launching branches in Kazakhstan, Moldova, Turkmenistan and Uzbekistan. After closing its deals for the purchase of Central Bank of Russia’s shares in the capital of Russian overseas banks, VTB will “mull over the idea of creating a holding company in Western Europe to be headquartered in London," Kostin said. Moreover, VTB intends to finalize operations to establish subsidiaries in Angola and Vietnam.
Source: ADVIS.RU, March 1, 2006
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