VTB acquires 29.4% of TCB from Russian Railways

20 July 2011

VTB acquires 29.4% of TCB shares from Russian Railways

On 20 July 2011, JSC VTB Bank closed the acquisition of 29.4% of JSC TransCreditBank (TCB) ordinary shares from JSC Russian Railways. As a result of this transaction, the share of VTB Bank in the TCB charter capital increased to 72.9% from 43.5%. The acquisition was made in accordance with the share purchase agreement signed by VTB and Russian Railways on July 15, 2011.

For reference:

On 4 October 2010, VTB Supervisory Council approved the phased acquisition of 100% of TCB. The deal contemplates the acquisition of TransCreditBank and it's subsidiary businesses engaged in leasing, factoring (TransCreditFactoring), and a processing company.

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