10th Aug 2007 13:37
JSC VTB Bank10 August 2007 10 August 2007 The merger of OJSC VTB Bank North-West into JSC VTB Bank has began On 9 August 2007, the Supervisory Council members have resolved to convene anextraordinary meeting of JSC VTB Bank ("VTB") shareholders on 27 September 2007to consider VTB reorganization by merger of OJSC VTB Bank North-West ("VTBNorth-West") into VTB. Taking into account the structure of the ownership (minority shareholders ownabout 25% of VTB North-West's equity), as well as the current legislation of theRussian Federation, the merger is proposed to be completed by the conversion ofshares owned by the minority shareholders of VTB North-West into the new sharesto be issued by VTB. The conversion ratio for the shares' swap is 1 to 361,i.e. one share of VTB North-West with the face value of 1 Ruble will beexchanged for 361 shares of VTB with the face value of 0.01 Ruble. In accordance with the Article 75 of the Federal Law on Joint Stock Companies,the Supervisory Council of VTB has approved the purchase price for the shares ofVTB at 0.136 Ruble for one ordinary share of VTB. -ends- Enquiries: VTB Tel: +7 (495) 739 77 99Nataly Loginova e-mail: [email protected] Mokeeva NOTES TO EDITORSAbout VTB VTB is a leading Russian universal banking group offering a wide range ofbanking services and products across Russia, certain CIS countries and selectedcountries in Western Europe, Asia and Africa. VTB is focused on providingbanking products and services to Russian and CIS clients through its domesticand foreign operations and to foreign clients doing business primarily relatedto, or in, Russia and the CIS through its foreign banking subsidiaries andrepresentative offices. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VTBR.L