OREANDA-NEWS. VTB Bank completed the sale of its controlling interest in ZAO Novosibirskvneshtorgbank  (23,802 ordinary shares (99.56%) and 11,849 preferred shares (54.15%)) to entities controlled by East-European Finance Corporation (EEFC).

VTB decided to sell Novosibirskvneshtorgbank in line with its strategy to develop and optimize its regional network. VTB Group intends to expand its business in the region on the basis of the existing Novosibirsk-based branches of VTB and VTB 24. Therefore, VTB will handle corporate banking business, while VTB 24 will continue with its retail business operations, including services to small businesses.  VTB Group is planning to further increase its presence in this region in the medium term.