2nd Nov 2016 18:09
JSC VTB Bank / Miscellaneous - Medium PriorityVTB Supervisory Council decides to merge VTB 24 (PJSC) into VTB Bank (PJSC) 02-Nov-2016 / 20:08 CET/CESTDissemination 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. --------------------------------------------------------------------------- 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 Councilvoted 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'sstrategic objective to unite the Group's Russian banks on a universalplatform. The merger of VTB24 into VTB Bank will help optimise the structure of theGroup's retail business in the Russian market, centralising managementfunctions, cutting marketing and advertising costs, unifying the integratedbanks' operating models and IT systems, and creating synergies from themerger of regional networks. This will enable VTB Group to achievesignificant cost reductions. The integration will involve developing a completely new system forinteraction between the Group's global business lines - Corporate-Investment Banking, Mid-Corporate Banking, and Retail business - within asingle organisation. This will enable the Group to implement jointstrategic initiatives of global business lines and increase the Group'soverall financial performance. The merger between VTB24 and VTB Bank is expected to be completed by theend of 2017. --------------------------------------------------------------------------- The EquityStory.RS, LLC Distribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.Archive at www.dgap.de/ukreg --------------------------------------------------------------------------- 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: [email protected] 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 --------------------------------------------------------------------------- 516905 02-Nov-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.
Related Shares:
VTBR.L