VTB Group launches its business in Azerbaijan

23 November 2009

Press release

On 23 November 2009, an inauguration ceremony of OJSC VTB Bank (Azerbaijan), a subsidiary of VTB Bank, took place in Baku. The event was attended by Sergey Naryshkin, Head of the Administration of the President of the Russian Federation, Yagub Eyubov, First Deputy Prime Minister of the Cabinet of the Republic of Azerbaijan, and Andrei Kostin, VTB Bank President and Chairman of the Management Board.

As of 1 November 2009, OJSC VTB Bank (Azerbaijan) assets amounted to AZN 16.06 million (USD 20.0 million), and the Bank’s chartered capital was AZN 7.815 million (USD 9.7 million).

OJSC VTB Bank (Azerbaijan) share capital is divided between VTB Bank (51%), AtaHolding OJSC (48.99%) and an individual (0.01%).

VTB Bank (Azerbaijan) is planning its development as a full-service bank offering a wide range of banking products and services. At the initial stage, the bank will focus on servicing corporate customers and financing foreign trade. In future, VTB Group intends to develop retail and investment business, as well as other business lines in Azerbaijan.

Andrei Kostin, VTB Bank President and Chairman of the Management Board, said at the opening ceremony, “Azerbaijan’s industrial and trade potential is very high, which makes this region attractive for investment. The CIS is a priority market for VTB Group. Our entry into the Azerbaijan market is a logical step, which will allow VTB Group to operate in the most promising CIS markets.”


VTB Group entered into Azerbaijan market in late 2008. OJSC VTB Bank (Azerbaijan) banking license No. 06/06-634 was issued by the National Bank of the Azerbaijan Republic on 11 March 2009.

VTB Group is a leading Russian financial group with a strong tradition in Russia and the CIS, and a presence in more than 20 countries around the world. The Russian government is VTB`s majority shareholder, with a holding of 85.5%. The remaining 14.5% of the shares are owned by other shareholders, including 7.01% owned by global depositary receipt holders. VTB offers a wide range of services in corporate, retail and investment banking across Russia, certain other CIS countries and a number of countries in Western Europe, Asia and Africa. As of June 30, 2009, VTB was the second largest financial group in Russia by assets (RUB 3 637.3 bn) and by deposits (RUB 1 561.8 bn). VTB is one of the top three retail banks in Russia with a network of 966 sales offices in Russia, CIS and Europe. In 2008, VTB launched its investment banking business which operates from Moscow, London, Singapore and Dubai. For more details, please visit www.vtb.ru

AtaHolding OJSC, established in 2003, is a company that makes investments in various spheres of the economy, manages financial and intellectual resources, and carries out corporate governance. Its charter capital, formed from investments made by non-residents, is mostly used to develop financial, IT and telecommunications, construction and tourism industries. AtaHolding OJSC takes an active part in social programs and charity events, and supports various projects aimed at developing culture, arts and education.

As of 30 September 2009, AtaHolding OJSC assets amount to AZN 308.8 million, a 39% (AZN 39 million) increase since the start of the year. As of 30 September 2009, AtaHolding OJSC investments attained AZN 116.1 million. AtaHolding OJSC paid capital amounts to AZN 69.8 million.

For more details, please visit www.ataholding.az

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