15th Nov 2007 11:43
JSC VTB Bank15 November 2007 November 15, 2007 VTB24 announces offer for VTB North-West shares On 15 November 2007, VTB24 (CJSC), the retail banking arm of VTB Group,announced an offer to exchange/acquire shares of OJSC Bank VTB North-West. Thistransaction is an important step in the integration process of VTB North-Westinto the VTB Group, which was approved by VTB Supervisory Council on 16 October2007. "We are making this offer on previously agreed terms in order not todisadvantage minority shareholders during the integration process of VTBNorth-West. We will be very happy to welcome these shareholders as shareholdersof VTB bank or pay out cash if they prefer." said Andrei Kostin, VTB Chairmanand CEO. Under the terms of the VTB24 offer, VTB North-West shares can be exchanged forVTB Bank shares at the rate of 1:361 from 15 November to 14 December 2007.Alternatively, VTB North-West shareholders can choose to sell their shareswithin the period specified above at RUR 41.72 per share. Shareholders can alsosplit their holdings in VTB North-West, with one part of shares to be exchangedfor VTB Bank shares, and the other part to be sold. The procedure for share exchange/sale is simple. Relevant agreements can beexecuted in more than 50 VTB North-West offices specially assigned for thepurpose. These offices have been selected as the most convenient for the Bank'sminority shareholders. During the last five days of the offer period, some ofthe offices will extend their opening hours to 22:00. Agreements can be executedin a single visit on production of the correct documentation. Individuals willneed to confirm their identity with a passport, while corporate entities willhave to present constituent documents and confirmation of the authorizedperson's power of attorney. No Registrar's fees will be payable on exchange/transfer of shares under theterms of the offer. Shareholders can use a special directory-inquiry service and a toll free hotlineat: 7 (800) 200-7899. Details of the offer and locations of the offices engaged in executingagreements are available at VTB North-West web site: www.vtb-sz.ru, at theBank's offices or through the inquiry service. -ends- Enquiries: VTB Tel: +7 (495) 739 77 99Nataly Loginova e-mail: [email protected] ErshovaIrina Mokeeva This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VTBR.L