Andrey Kostin's term of office is extended

25 April 2012

VTB Bank Supervisory Council to extend term of office of Andrey Kostin 

On 25 April 2012, VTB Bank Supervisory Council unanimously decided to extend the term of office of Andrey Kostin, VTB Bank President and Chairman of the Management Board, for another 5 years till 9 June, 2017. Russian Prime Minister Vladimir Putin has earlier approved the relative directives of the government.

Andrey Kostin said: "VTB Bank achieved significant success during the recent years. We have managed to enter new foreign markets, to establish a large global bank with a universal franchise and to design a successful business model. Our financial performance is the best evidence that we have the right strategy. In 2011 we delivered a record net profit. I am sure that during the next five years VTB will be able to achieve greater results for the benefit of both our shareholders and the entire Russian economy. We will aim to transform our bank into a lending agency with high-level banking technologies, high key performance indicators, and the most innovative level of corporate governance".