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JSC VTB Bank (VTBR)
VTB reaches an agreement with Bonum Capital on the acquisition of Bank
Vozrozhdenie
14-Aug-2018 / 16:44 CET/CEST
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Press release
14 August 2018
VTB reaches an agreement with Bonum Capital on the acquisition of Bank
Vozrozhdenie
VTB and Bonum Capital (Cyprus) LTD have agreed on the key terms for the
acquisition of Vozrozhdenie Bank by VTB and signed a memorandum to this
effect.
According to the agreement with Bonum Capital, which will arrange the
transaction, VTB intends to buy a controlling stake in Vozrozhdenie Bank of
at least 75 percent. The transaction is expected to be completed in
September once required regulatory approvals are obtained and VTB's internal
corporate procedures regarding the transaction are completed.
Following deal closure, VTB will identify next steps on the integration,
which is expected to be concluded in 2020. Vozrozhdenie Bank's development
strategy will aim to further strengthen its foothold in the Moscow Region
with a focus on both retail and corporate clients.
The parties of the transaction intend to retain the key products and
services available to Vozrozhdenie Bank customers in the retail and
corporate segments. The Bank will benefit from access to technologies,
product capabilities and financial strength of VTB Group in developing its
franchise and competitive advantages.
Gennady Soldatenkov, currently a Member of VTB Bank Management Board, will
be appointed the Chairman of Vozrozhdenie Bank's Management Board. The
current Chairman of Vozrozhdenie Bank's Management Board Mark Nakhmanovich
will continue as the Deputy Chairman of the Board of Directors. Vozrozhdenie
Bank's team, with its extensive experience in Moscow and other regions of
operation, will also remain at the bank.
ISIN: US46630Q2021
Category Code: MSCM
TIDM: VTBR
LEI Code: 253400V1H6ART1UQ0N98
Sequence No.: 5870
EQS News ID: 714233
End of Announcement EQS News Service
(END) Dow Jones Newswires
August 14, 2018 10:45 ET (14:45 GMT)
